Line a strainer with four layers of cheesecloth or one coffee filter; place over a bowl. Add yogurt to strainer; fold edges of cheesecloth over yogurt. Refrigerate for 8 hours or overnight.
In a large saucepan, combine the cranberries, sugar and 1/2 cup water. Cook over medium heat until the berries pop, about 15 minutes. Set aside 1/3 cup berries for garnish; cover and refrigerate until serving. Mash and strain remaining cranberry mixture, discarding pulp; stir in cinnamon and nutmeg. Set aside.
Remove yogurt from cheesecloth and discard liquid from bowl. In a small saucepan, sprinkle gelatin over remaining water; let stand for 1 minute. Cook over low heat, stirring until gelatin is completely dissolved. Stir in the cream, cranberry puree and yogurt.
Place 2 tablespoons gelatin mixture in each of four parfait glasses; top each with 1/4 cup cake cubes. Repeat layers. Top with remaining gelatin mixture. Cover and refrigerate for at least 4 hours. Just before serving, garnish with whipped topping and reserved berries. Yield: 4 servings.