Combine water and creamer. Add butter. Beat 30 seconds.
Add sugar, vanilla, eggs, and salt. Beat at high speed 1-2 minutes. Set aside.
In a non-greased casserole dish, place 1-1/2 cups mixture and sprinkle with raisins. Add the slices bread cut 1" x 1".
Toss lightly and add the remaining mixture. Pour evenly over the bread and sprinkle lightly with cinnamon. Bake at 325 degrees 40-45 minutes. Cool and top with Nutmeg Sauce.
In a small pan combine sugar, cornstarch, and nutmeg. Stir in milk and margarine. Cook over medium heat until the mixture starts to thicken slightly. Add vanilla and stir constantly until thick. Do not boil. Remove from heat and pour over cooled bread pudding.