1Spread sugar evenly over bottom of 2-quart saucepan. Cook over medium heat, stirring constantly, until sugar melts and turns light caramel color. Carefully add water, stirring until blended. Pour into ungreased 9-inch round cake pan. Tilt pan to evenly coat bottom; set aside to harden, about 30 minutes.
2Heat oven to 325°F. In large bowl, beat eggnog, condensed milk, eggs, rum and nutmeg with wire whisk until smooth. Pour over sugar mixture in pan. Place cake pan in broiler pan. Pour 1 inch of hot water into broiler pan.
3Bake 45 minutes to 1 hour or until almost set and knife inserted in center comes out clean. Cool on cooling rack 1 hour. Refrigerate 1 hour. Run small metal spatula around edges of pan to loosen. Place 12-inch round serving plate with raised sides upside down over pan; turn plate and pan over. Remove pan. Garnish with fresh mint sprigs and cranberries.