In a medium sized saucepan, place rice and cover with water. Add pinch salt and stir. Place over medium heat and cook until pan is almost dry and rice is softened. Do not drain.
Add can of sweetened condensed milk, one can of water, and one can of milk, to the pan with the rice. Stir well to blend. Add butter and nutmeg or cinnamon. Place saucepan over medium heat and cook for about 35 minutes, stirring often. Watch pudding at first for boil over, adjust heat accordingly. Add raisins and continue to cook 10 minutes. Cook this pudding until it's the consistency you enjoy, thin or thicker. Remember, it thickens as it cools. Makes 8 servings. Enjoy!
Note: This pudding is a heavier consistency, but if you like it lighter, cool rice pudding and chill thoroughly. Just before serving, fold in Cool Whip and place into serving bowls, or a serving dish. Garnish with maraschino cherries and a dusting of cinnamon. Makes a really nice dessert.