In a large skillet, cook beef over medium heat until no longer pink; drain. Stir in the beans, chilies, taco seasoning and hot salsa.
In a greased 13-by-9-by-2-inch baking dish, layer a third of the noodles and meat mixture. Sprinkle 1 cup of the cheese. Repeat layers twice.
Combine mild salsa and water; pour over top. Cover and bake at 350 degrees for 1 hour or until heated through. Top with sour cream, olives, onions and remaining cheese. Bake, uncovered, for 5 minutes longer. Let stand 10–15 minutes before cutting.
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