SPRAY large skillet with cooking spray. Add chicken; cook and stir on medium-high heat 4 min. or until no longer pink. Season with salt and pepper.
ADD water, broccoli and potatoes; stir. Cover. Cook 5 to 7 min. or until potatoes are tender, stirring frequently.
STIR in remaining ingredients; cook until VELVEETA is completely melted and mixture is heated through, stirring frequently.