PREPARE pasta in large saucepan according to package directions; drain and set aside.
MELT butter in same saucepan over medium heat. Remove from heat; whisk in evaporated milk, eggs, mustard, salt and hot pepper sauce. Return pasta to saucepan; stir in cheese. Cook over low heat, stirring constantly, for 4 to 5 minutes or until cheese is melted and mixture is creamy and thickened. Serve immediately.