Cook and stir onion in margarine in large skillet over medium-high heat until soft. Add rice and saffron; stir constantly 2 to 3 minutes. Add wine and Tabasco® Sauce; stir until absorbed. Stir in 1-cup broth and cook uncovered, stirring frequently until broth is absorbed. Add remaining broth and hot water, 1/2 cup at a time, stirring constantly from bottom and side of pan. (Wait until rice just begins to dry out before adding more liquid.) Continue stirring and adding water until rice is tender but firm to the bite and has the consistency of creamy rice pudding. (The total amount of liquid used will vary. Watch rice carefully to ensure proper consistency.) Stir in cheese and salt and pepper, if desired.