Preheat oven to 350 degrees. Grease a shallow, 1 quart baking dish.
If cream cheese is not softened, place in microwave on "soften" or microwave in 10 second increments to soften the cream cheese enough to stir.
Stir together softened cream cheese, sour cream and Ranch Dressing in a medium sized bowl, until smooth.
Add the cheddar cheese, chopped jalapenos, chopped bacon pieces and cayenne to the cream cheese mixture. Make sure all ingredients are well incorporated.
Pour cheesy mixture into a prepared baking dish. Sprinkle with remaining 1 cup of shredded cheese and place into the preheated oven, uncovered for 30 minutes.
After 30 minutes, the dip should be bubbling and cheese melted. You can add additional chopped back and chopped jalapenos to the top before serving. Enjoy!!