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Place water and rice in medium saucepan; bring to a boil. Reduce heat to low; cover. Cook for 12 to 15 minutes or until liquid is absorbed.
Stir in evaporated milk, raisins, sugar, vanilla extract, nutmeg and salt; bring to a boil. Stir a portion of rice mixture into the eggs. Add egg mixture to rice mixture; mix well with wire whisk. Bring to a boil. Cook, stirring constantly, for 2 minutes. Serve warm or chilled.
For Coconut Rice Pudding: Substitute ½ cup toasted or untoasted flaked coconut for raisins.