In a large mixing bowl, combine cream cheese, sour cream, and mayonnaise. Blend until smooth and creamy.
Stir in the ranch seasoning mix along with garlic powder, onion powder, red pepper flakes, cayenne pepper, paprika, and black pepper.
Fold in shredded cheddar cheese and chopped green onions if you're using them.
Add hot sauce to taste and mix well until evenly distributed.
Transfer the dip to a serving bowl and chill it in the refrigerator for at least one hour.
Serve cold with crackers, tortilla chips, or veggie sticks.