In a large skillet, brown beef in butter over medium heat; drain. Stir in the onions, peppers and celery; cook and stir for 2 minutes.
Add the water, Worcestershire sauce, chili powder, soy sauce, Cajun seasoning and pepper sauce if desired. Bring to a boil. Reduce heat; cover and simmer for 1 to 1-1/2 hours or until meat is tender.
Combine cornstarch and cold water until smooth; stir into meat mixture. Bring to a boil; cook and stir for 2 minutes or until thickened. Serve with noodles or rice.