In a small sauce pan, mix together the milk, water, vanilla, butter, and rum. Heat over medium heat. Bring to a boil then reduce heat to low and simmer until butter is completely melted. Remove from heat and set aside.
Crumble the bread in a large bowl or pan. Add sugar, cinnamon, and nutmeg. Mix well.
Heat raisins in one can of evaporated milk until plump, then add to bread mixture.
Add the milk, water, vanilla, butter, and rum mixture to the bread and mix well. Adjust sugar, spices, or rum as desired. Add the eggs and mix well. Make sure all ingredients are mixed together well. Pour mixture into two 9x13 pans and bake at 350°F for one hour.