Preheat oven to 350 degrees.
Bring pot of well-salted water to boil. Add noodles and boil until almost al dente. Drain.
Butter a 4-quart casserole dish.
Make a roux by melting the butter in a saucepan, and slowly adding the flour, stirring constantly. Whisk in the milk and simmer until thickened. Reduce to low for about 5 minutes more.
Remove the roux from the heat, and stir in 1 cup of the extra-sharp cheddar and 1 cup of the American or colby cheese, along with the salt, pepper, and hot sauce to taste. Remember not to be stingy with the salt.
Blend remaining cheeses. Now here comes the fun part! Place 1/3 of the cooked noodles on bottom of casserole, topped with 1/2 of the cheese mixture, then 1/3 of the sauce mixture. Add another layer with 1/3 of the noodles, topped with the remaining cheese mixture and another 1/3 of sauce. For the final layer, add remaining noodles, remaining sauce, and top with Parmesan cheese.
Bake for about 30 minutes at 350 degrees.