Cook beef until browned and drain. Add taco seasoning and water. Let it simmer on low heat while preparing salad ingredients. Stir occasionally.
Layer the salad on a dinner plate starting with the tortilla chips, salad greens, tomatoes, beef, cilantro and cheese sprinkled over. Add olives and red onion, if desired. Squeeze some fresh lime juice over the salad.
To make the taco salad dressing, combine the sour cream, ranch dressing, taco sauce and taco seasoning in a bowl. Mix well.
Drizzle dressing over the salad and serve.