FoodNetwork.com has a recipe for green chile queso dip that uses Velveeta. Combine 2 tablespoons of butter and 2 diced onions in a skillet. Add 2 15-ounce cans of diced green chiles in adobo, 4 chipotle peppers, 4 pounds of Velveeta and 2 cans of green chile enchilada sauce.
Start with a large skillet over medium heat. Melt the butter completely before tossing in the diced onions. Cook the onions until they start to soften, which takes about two or three minutes. Pour the cans of diced green chilies into the skillet with finely chopped chipotle peppers in adobo. Substitute the 4 chipotle peppers in the dip for 2 chipotle peppers for a milder version of this spicy sauce. After the peppers and onions cook for about one minute more, add the Velveeta. Cut the Velveeta into chunks before adding it to the pan to melt it down faster. When the cheese completely melts, pour in the green chile enchilada sauce, and stir the finished dip.
To keep the dip warm before serving it, transfer the contents of the skillet into a warm slow cooker. The recipe takes about 30 minutes total to prepare, and it yields between 15 to 20 servings.