Add water to the mix and stir. Let stand for 5 minutes, until water is absorbed.
Meanwhile, place cream cheese in a large mixing bowl, and stir to soften.
Add the blue cheese crumbles to the cream cheese, and stir until blue cheese is incorporated. Add hot sauce to taste.
Divide cream cheese mixture into a long log, or two smaller balls.
Combine pecans, bacon and parsley in a shallow dish or plate. Roll the cheese balls or log in the mixture to coat all over, pressing to adhere the nuts and bacon to the cheese ball.
Chill thoroughly before serving, and serve with crackers.