Stir together:
1/4 cup butter
3/4 cup whipping cream
1/4 cup water
8 ounces cream cheese
Cook in a heavy pot over medium heat, stirring frequently, until everything is melted.

Add 8 ounces shredded sharp cheddar cheese and:
1 tsp black pepper
1 tsp onion powder
1 tsp garlic powder
optional: 1 tsp paprika or chili powder 

Stir in noodles. (see below) This sauce makes enough for a double batch of Noodles 2.0. I cut the baked noodle rolls in half lengthwise before slicing for ease of eating.  Pour into an 8x8 or 9x7 baking dish and top with 8 ounces more shredded cheddar cheese. Bake at 350 degrees F until the cheese is bubbly, about 35 minutes.