Cook fettuccine to desired doneness as directed on package. Drain; keep warm.
Meanwhile, melt butter in 6-quart Dutch oven. Stir in cream and pepper. Cook over low heat about 5 minutes or until mixture thickens slightly, stirring frequently. Stir in Parmesan cheese and cook over low heat just until cheese is melted, stirring constantly. Immediately stir in cooked fettuccine; toss to coat with sauce. Stir in parsley and nutmeg. If sauce begins to separate, stir in a little more cream and cook over low heat until smooth.
MICROWAVE DIRECTIONS: Prepare fettuccine as directed.
Meanwhile, in 3-quart microwave-safe casserole, microwave butter on HIGH for 2 to 3 minutes or until melted. Add cream and pepper; beat with wire whisk or fork. Microwave on MEDIUM for 4 to 6 minutes or until very slightly thickened, stirring once halfway through cooking. Stir in Parmesan cheese. Microwave on HIGH for 1 to 1 1/2 minutes or until cheese is melted. Immediately stir in cooked fettuccine; toss to coat with sauce. Stir in parsley and nutmeg. Microwave on HIGH for 4 to 5 1/2 minutes or until thoroughly heated, stirring once halfway through cooking.