My sister-in-law makes this all the time and I'm usually the one who ends up eating the majority of it. Once I start, I can't stop.
2 (8 oz.) packages of cream cheese, softened
1 packet of Ranch dressing, NOT the Dip.
2 cups cheddar cheese
The neck of a beer. Preferably not a lite beer, but it works if you have nothing else. A nice Budweiser gives it a tangier flavor though.
Mix all ingredients together in a bowl. Leave in refrigerator for a couple of hours. My sister-in-law serves it with Wheat Thins. She also tries to make it a healthy snack by also serving it with carrots, which are actually pretty decent, and pea pods.