In a large pot, heat water to a boil. Cook macaroni in rapidly boiling water until done. Drain and set aside.
Melt margarine in a medium saucepan over low heat. Add flour and cook one minute, stirring constantly with a wire whisk. Gradually add milk, stirring constantly. Continue to stir and cook over medium heat approximately 10 minutes until thickened and bubbly. Boil for one minute and remove from heat.
Add seasonings (Worcestershire sauce, mustard, Tabasco and pepper) and cheeses. Stir until cheeses melt. Combine cheese sauce and macaroni in a bowl; stir well. Serve immediately.