Preheat oven to 425 degrees. Place bacon on a foil-lined cookie sheet, and bake bacon for 8 to 10 minutes. Reset the temperature of the oven to 350 degrees. The bacon will be undercooked.
Once bacon cools slightly slice bacon into small pieces. In a small pot melt 1/2 cup of butter, and add 1 tablespoon dry Ranch dressing mix, stir to combine well. Slice bread diagonally about 1-inch slices, do not slice into bread completely, leave a good one inch that is not sliced completely. Rotate bread 90 degrees and slide again, in one-inch slices.
Push cheese slices into sliced bread. Place bacon slices into sliced bread. Drizzle butter and Ranch dressing mix mixture over the bread. Wrap the bread in foil, and bake for about 10-15 minutes at 350 degrees, and then unwrap the top of the bread and bake for an additional 10-15 minutes.