Preheat oven to 350 degrees F (175 degrees C). Combine rolled oats with boiling water and let stand for 20 minutes. Grease and flour a 9 inch square pan. In a medium bowl, sift flour, baking soda, cinnamon and nutmeg together and set aside.
In a large bowl, combine oatmeal, oil and applesauce. Add eggs, sugar and brown sugar and mix well. Add the flour mixture and mix well. Finally, fold in the raisins and nuts. Pour into the 9 inch square pan.
Bake at 350 degrees F (175 degrees C) for 35 minutes, or until a toothpick inserted into the cake comes out clean.