In a medium sized pot melt the butter on medium heat. Once melted, whisk in the flour, and continue to stir for 3-5 minutes.
Slowly add the cream and white wine and continue to whisk. As the milk heats it will begin to thicken
When thick, turn the heat down to low and add the cheddar cheese in 2 parts. Once the cheese has melted add the Tabasco, Worcestershire sauce, liquid smoke and the salt and pepper.