Bring chicken broth and water to a boil in a saucepan. Reduce heat to low and simmer.

Melt 2 tablespoons butter in a large saucepan over medium heat; add onion and sauté until tender. Add rice, and sauté 2 to 3 minutes.

Add wine and cook, stirring constantly, until liquid is absorbed. Increase heat to medium-high. Add 1 cup hot broth mixture and cook, stirring often, until liquid is absorbed. Repeat until all broth is used.

Add remaining butter, whipping cream, Parmesan cheese, salt and pepper. Cook, stirring constantly, 2 minutes.