1. Heat oven to 375 degree F. Lightly grease 2 large cookie sheets. Set aside.
2. Beat cream cheese in medium bowl on medium speed of electric mixer until smooth. Stir in pepper-jack cheese and ricotta, parsley, walnuts, egg, and pepper sauce until evenly combined.
3. Place one phyllo sheet on work surface; brush lightly with butter. Top with second phyllo sheet; brush with butter (keep remaining phyllo covered). With sharp knife, cut crosswise into five 3-inch-wide strips. Place 1 rounded teaspoon cheese mixture on the end of each strip. Fold up around filling to form triangle (flag-style). Transfer seam side down to prepared cookie sheet; brush tops lightly with butter. Repeat with remaining phyllo, butter and filling.
4. Bake triangles 12 to 15 minutes or until lightly golden. Serve warm. Makes 50 appetizers.