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Place water, cloves, cinnamon sticks and ginger in small saucepan; bring to a boil over medium heat. Remove from heat; cover. Cool for 15 minutes. Remove cloves, cinnamon sticks, and ginger piece.
Place cream of coconut, sweetened condensed milk, rum and cooled spice water in blender; cover. Blend for about 45 seconds or until well blended. Refrigerate in glass container or bottle for at least 2 hours or until well chilled. Shake well before pouring.
To Serve: Serve in aperitif glasses for a 2-ounce serving. Sprinkle with ground cinnamon.
Place a cinnamon stick in the bottled punch for extra spice. Dip rims of glasses in water; dip in white and red sparkling sugars.