HEAT oil in large saucepan on medium-high heat. Add onions; cook and stir 3 to 5 min. or until tender. Add water and bouillon cubes; bring to boil.
ADD noodles; simmer on low heat 4 min., stirring occasionally.
ADD remaining ingredients; bring to boil. Cook on medium-low heat 3 to 5 min. or until VELVEETA is melted and soup is well blended, stirring frequently.