Adapted from 30 Day Gourmet. This is a popular dip at our weekly football game gatherings across the street. When made with cheddar cheese per the original recipe, the fat from the cheese tends to "pool", giving the dip a less than appetizing greasy appearance, so I tried it with Velveeta and it still tastes great - and looks much better as well! I serve it warm from my "little dipper" crock pot or a fondue pot - or it also tastes great cooled and chilled as a spread for crackers and celery. Adjust the amount of hot sauce according to your heat tolerance!