In a wide bowl, beat the eggs with the sugar, vanilla, half-and-half, cinnamon, and nutmeg.
Soak the slices of bread in the egg custard. Lower two pieces at a time into the oil and fry about two minutes on each side. Let it cook to a darker brown than your instincts might tell you.
Remove the lost bread as it's cooked, and drain it on paper towels. Use another towel to blot the excess oil from the top, and to keep it warm. Continue cooking the rest of the bread in small batches, allowing the temperature of the oil to recover between batches.
Serve immediately with powdered sugar. Warn your guests about the lava-like heat of the insides!
