Preheat oven to 350°F. Cut bread in half horizontally. Mix together the butter, garlic, parsley, oregano, basil, garlic powder, and cayenne powder in a small bowl.
Spread butter evenly mixture over each half of bread. Place on a large baking sheet and bake for 15 minutes. If using Parmesan cheese, remove bread from oven and sprinkle with cheese. Change oven setting to broil and broil bread for 1 to 2 minutes, or until toasted.
Remove from oven and let cool for 2 minutes before slicing.