Bring noodles to a boil then reduce heat and allow noodles to cook slowly.
Break fettuccine noodles in half and place in a pot of water. Cook on high until noodles began to boil, then lower heat to medium for 10 minutes then to low until noodles are soft.
Combine all ingredients except fettuccini noodles in large pot.
Combine butter, margarine, milk and Parmesan cheese in a large pot. Add cream cheese, cutting it into pieces as you add it. Cook on medium heat--stirring constantly--until cream cheese and Parmesan are melted. Lower heat and let simmer.