From: http://www.recipecottage.com/microwave/rice-pudding02.html

RICE CREAM WITH COCONUT (700 watts)
2 1/2 ozs short grain rice
2 1/2 Tbs sugar
1 pint (20 fl ozs) milk
5 Tbs coconut
1/2 tsp vanilla
2 1/2 fl ozs cream or evaporated milk

Put the rice, sugar and milk in a large bowl and microwave on HIGH
for 7 - 9 minutes until milk is just boiling. Reduce power to
MEDIUM and cook 14 - 16 minutes until the rice swells and milk has
reduced; stir 2 - 3 times. Stir in coconut and cook on MEDIUM for
5 minutes until rice is soft, stirring twice. Stir in vanilla and
cream or evaporated milk. The pudding thickens on cooling. Freezes
well.

[I'll try it without the coconut or cream, but with extra nutmeg as well
as vanilla]


CREAMY RICE PUDDING (650 watts)
1 cup short grain rice
3 cups water
1/2 (397g) can condensed milk
1/2 tsp vanilla

Cook the rice in a large bowl with a lid on HIGH 10 minutes or
until rice is tender. Pour off excess water and mix in the condensed
milk and vanilla. Cook covered on MEDIUM for 6 minutes stirring
3 - 4 times.

[This one looks even easier and certainly *faster*.  But condensed milk
*bad*: never mind]