I am not a Velveeta fan but I was when I was in college and this recipe was one we often made...especially since it was quick, easy, and inexpensive!
1 small Velveeta cheese
1 small can Picante sauce
5 - 7 chopped jalapeno peppers (optional)
Melt cheese over low heat, add taco sauce. Serve with nacho chips or pour over vegetables.