In a 4 quart saucepan, heat olive oil over medium heat. Add the onion, jalapeno pepper, and garlic and cook, stirring frequently, for 3 minutes. Stir in the beer and cook until the liquid is reduced by half. Stir in the cream, cream cheese, and processed cheese, whisking until melted and smooth.
Stir in crab meat, lime juice, green onion, cilantro, and chili powder and simmer for 15 minutes. Add the salt, pepper, cayenne pepper, and cumin. Transfer the dip to a serving bowl and garnish with sliced jalapeno peppers, if desired. Serve hot with tortilla chips.