2 lbs. yellow squash, boiled & salted, drain well
1/2 stick butter
1/2 c. mayonnaise
1/2 c. onion, chopped
1/2 c. green pepper, chopped
1 can sliced water chestnuts
1 c. Velveeta cheese, grated
1 tsp. sugar
1/4 - 1/2 tsp. red cayenne pepper

Mix together and bake in buttered casserole at 350 degrees until light brown and bubbly, approximately 25-30 minutes. (I sauteed the onion and pepper in the butter, but it doesn't have to be. Also, grating Velveeta is next to impossible, so I just cube it real small.)