Have cheese at room temperature. Break into small pieces in a bowl and slowly blend first 3 ingredients in an electric mixer until smooth. Divide mixture in half and form into 2 balls. Roll each ball into the shape of a log about 1 inch in diameter and 6 inches long.
Roll each log in chili powder on wax paper. Wrap each in foil and refrigerate for 3 or 4 days. Slice thin and serve with Wheat Thins.