PREHEAT broiler. Spread toast slices evenly with margarine; cover each toast slice with 2 bacon slices. Top evenly with apples and sugar.
BROIL, 4 to 6 inches from heat, 2 to 3 minutes or until sugar is hot and bubbly.
TOP evenly with VELVEETA; continue broiling 1 to 2 minutes or until VELVEETA begins to melt.