In a small saucepan, combine caramel ingredients. Cook over medium heat, stirring constantly, until bubbling. Pour sauce into a 13"x9" baking dish. Place slices of bread on top of the sauce, crowding if necessary. Combine eggs, milk, vanilla, cinnamon, nutmeg, and salt in a blender. Pour evenly over bread. Cover and refrigerate at least 8 hours, or overnight. Preheat oven to 350 degrees F. Remove dish from refrigerator 30 minutes prior to baking. Bake at 350 degrees F for 40 to 45 minutes until puffy and light golden brown. To serve, invert slices of toast on serving plates.