Heat oven to 325°F. Grease bottom and sides of 13x9-inch glass baking dish with shortening or spray with cooking spray.
In large bowl, beat 4 whole eggs, 1 egg yolk and 3/4 cup sugar with wire whisk until well blended. Beat in milk, whipping cream, vanilla and 1 teaspoon cinnamon until well blended. Stir in 7 cups of the bread pieces and the raisins. Let stand 20 minutes. Pour into baking dish. Lightly press remaining 3 cups bread pieces on top of mixture in baking dish.
In small bowl, stir 2 tablespoons sugar and 1/2 teaspoon cinnamon until well blended. Brush top of bread mixture with melted 2 tablespoons butter; sprinkle with cinnamon-sugar. Bake uncovered 55 to 65 minutes or until top is puffed and light golden brown (center will jiggle slightly). Cool 30 minutes.
Meanwhile, in 1-quart saucepan, melt 1/2 cup butter over low heat; do not allow to simmer. Remove from heat; cool 10 minutes. Mix water and 1 egg in small bowl; stir into butter until blended. Stir in 1 cup sugar. Cook over medium-low heat, stirring constantly, until sugar is dissolved and mixture begins to boil; remove from heat. Stir in whiskey. Cool at least 10 minutes before serving.
Serve sauce over warm bread pudding. Store remaining dessert and sauce covered in refrigerator.