HEAT small saucepan on medium heat. Add ancho pepper; cook 2 min. on each side or until color changes. Remove from heat; let cool. Shake out seeds. Place pepper in boiling water. Let stand 20 min. or until pepper hydrates and softens; drain.
PLACE pepper and remaining ingredients in blender container; cover. Blend until smooth.
POUR into small saucepan. Cook on low heat, stirring constantly, until mixture comes to soft boil. Spoon over cooked meat or rice or in tamales.