Preheat outdoor grill or preheat oven to 400 degrees F.
Shuck corn. If desired, leave husks attached to cob to use as holders.
In a small bowl, combine softened butter, chili powder, and cheese sauce mix or powdered cheese packet.
Spread butter on corn and wrap each ear individually in foil.
Place on grill and close lid or place in the oven. Cook 25 to 30 minutes, turning every 5 minutes, or until corn is tender. Remove foil and serve.