Adapted from:  ATK

2 large eggs 
1 (12  ounce) can evaporated milk 
1/4 teaspoon hot red pepper sauce 
2 teaspoons salt 
1/4 teaspoon ground black pepper 
1 teaspoon dry mustard, dissolved in 
1 teaspoon water 
8 ounces elbow macaroni 
4 tablespoons unsalted butter 
12 ounces sharp cheddar cheese

Mix eggs, 1 cup evaporated milk, pepper sauce, 1/2 teaspoon salt, pepper, and mustard mixture in small bowl; set aside.
 
Meanwhile, bring 2 quarts of water to a boil in large saucepan.
 
Add remaining 1 1/2 teaspoons salt and macaroni; cook until almost tender.

Drain, but do not rinse, and return to pan over low heat.
 
Add butter; toss to melt.

Pour egg mixture over buttered noodles along with three-quarters of cheese; stir until thoroughly combined and the cheese starts to melt.
 
Gradually add remaining milk and cheese, stirring constantly, until mixture is hot and creamy, about 5 minutes.

Remove from heat and serve.