cut a slit in each jalapeno pepper so that you can open it up. Remove the entire contents of the inside of the pepper. Leaving some of the placenta and seeds will result in a hotter pepper, so how much you clean on the inside is totally up to your taste. I recommend using disposable latex gloves while doing this, because failure to do so may result in unintended pains later -- particularly if you are a male :).
Preheat oven to 375 degrees.
Soften the cream cheese in the microwave for about 20 seconds.
Place the cream cheese in a bowl.
Add the ranch dressing powder and the grated cheese to the bowl with the cream cheese. MIx well.
Fill the jalapenos with the creame/ranch/cheese mixture.
Trim any excess fat from the bacon, preferably with kitchen scissors.
Wrap all of the peppers with the bacon.
Cook at 375 degrees for about 40 minutes. Keep an eye on them, because depending on the fat in the bacon, thickness of the bacon and so on, your time will vary. This can also be put on a grill -- it will take far less time but will demand your constant attention.
Enjoy the best stuffed jalapeños you have ever had.