Preheat the oven to 325°. Sauté the noodles in the butter in a heavy pot over medium heat until brown. Stir in the rice to coat in the butter. Transfer to steam pan, bring to boil on the stovetop. Seal with foil very tightly, then bake for about 25 minutes or until the liquid is absorbed. Fluff 'n' serve.
Yes, you can make rice in the oven. In fact, for quantity cookery, that's the only place to make it.