Bring water to a boil and cook the rice.

When the water is fully absorbed into the rice. Stir in the milk, half n half and sugar. Cook on medium high until simmering. Reduce heat to medium low cook about 30 minutes. Then reduce heat to low and cook 15 minutes more. The rice will become thick and you want to be constantly stirring. When complete the spoon should be able to stand up in the middle without support from you.

Remove the pot from the heat. Keep stirring. Add the vanilla and almond extracts, cinnamon, freshly grated nutmeg. Transfer the rice to a bowl and cover. Serve once completely chilled.