In a small bowl, mash the peaches with a fork. Divide the mashed peaches into 4 glasses (12 ounces each). Add to each glass 2 tablespoons of the peach juice and 1 cup ice milk. Pour 1 cup soda or seltzer into the glasses. Top each drink with 2 tablespoons whipped topping and a dusting of nutmeg. Serve immediately.