1.) In 3-quart saucepan, heat milk, water and butter to boiling. Stir in ranch dressing mix and sour cream; beat until smooth. Stir in 3 slices of the bacon and both pouches of potatoes just until moistened; let stand 1 minute. Stir with fork until smooth.
2.) Spoon potatoes into serving dish. Top with remaining crumbled bacon and the green onions.
* Make potatoes your way! Toss in your favorite shredded cheese.