Line a 9x5 loaf pan with plastic wrap and set aside.
Using a hand mixer or stand mixer with the whisk attachment, whip the cream cheese until smooth.
Add in the Instant vanilla pudding, eggnog, and nutmeg and mix on low until fully combined. I found that sometimes hand mixers are too fast for this step so I like to combine them with a whisk or use a very slow mixer.
Fold in the Cool Whip gently with a spatula.
Layer the bottom of the prepared pan with cinnamon graham crackers and top with 1/3 of the eggnog mixture.
Repeat the graham cracker and eggnog layers 2 more times. You should have 3 layers of crackers and 3 layers of eggnog mixture.
Cover the pan with plastic wrap and freeze for at least 6 hours.
When you're ready to serve simply remove it from the freezer, pull it out of the pan, remove the plastic wrap, slice and serve frozen.
Optional, top the icebox cake with whipped cream or nutmeg.