Place the unsliced white bread loaf in a large oven safe serving dish. Cutting only about half way down the loaf, make 8 slices. Sprinkle Parmesan cheese, Romano cheese, garlic, parsley, and 1/2 the extra virgin olive oil over loaf. Spread dried red chile peppers around base of bread.
Bake in the preheated oven approximately 15 minutes, or until the cheese is melted but not browned. Remove from oven and cover with remaining olive oil. Serve at once!