Bring the water to a boil in a medium-size saucepan over moderately high heat. Stir in the oats. When the liquid returns to a boil, stir in the raisins and salt. Reduce the heat and simmer 4 to 5 minutes, stirring occasionally, until the oats are soft and the water is absorbed. Remove from heat, stir in the sugar, applesauce, and oil. Cool to lukewarm. Meanwhile, heat the oven to 350 degrees, and grease the pan. Put the flour, baking soda, cinnamon, and nutmeg into a large bowl. Stir to mix well. Stir the eggs into the oat mixture. Add the flour mixture, and stir just until moistened. Spread in the prepared pan and bake 30 to 40 minutes, or until the cake starts to shrink from the sides of the pan and a wooden pick inserted in the center of the cake comes out clean. Place the pan on a wire rack to cool. The cake is good served warm. Or cool completely, cover tightly, and store overnight at room temperature before serving or freezing.
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