Preheat the oven to 350 degrees F. Spray an 8x8-inch pan with nonstick spray.
Cook the pasta using the package directions. Drain and put the pasta in a large bowl.
Warm the milk in a small saucepan over medium heat. Melt the butter in separate medium saucepan over low heat. Whisk the flour into the butter and cook for 3 minutes or until smooth and bubbly, stirring constantly. Add the warm milk gradually, stirring constantly. Increase the heat to medium-high and bring the sauce just to a boil, stirring frequently. Reduce the heat to low.
Simmer for a few minutes, stirring occasionally. Stir in the salt, Tabasco and pepper. Add the cream and mix well. Simmer for 3 to 4 minutes, stirring occasionally. Stir in 12 ounces of the cheese and simmer until blended, stirring frequently. Pour the cheese sauce over the pasta and stir to coat. Spoon the pasta mixture into the prepared baking pan and sprinkle with the remaining 4 ounces of cheese.
Bake for 20 to 30 minutes or until bubbly. Broil if desired for 2 to 3 minutes or just until the top is brown.