Heat the oil in a soup pot large enough to hold all the ingredients (you will have about 2 quarts when you are all done). Sweat the onions and carrots over low heat until translucent, try not to brown them.
Add the water, salt and squash and bring the mixture to a boil. Reduce to a simmer and cook until the squash are falling apart.
Either using an immersion blender or a drink blender, blend in the cream and cheese and continue to blend until the soup is smooth.
Season to taste.