Charlotte Lafauci's Bread Pudding

1 stick butter
1 1/2 c sugar
3 eggs
1 large can pet milk
1 1/2 c water
1 T vanilla
good pinch of salt
Cinnamon & nutmeg to taste

Combine all ingredients except bread in food processor.  Spray 9x13 glass dish with Pam.  Pour creamed mixture into casserole dish.  Tear half of loaf into pieces and place pieces into the mixture.  Sprinkle with cinnamon and nutmeg.  Bake 350 degrees for 1 hour.