In large saucepan, combine Velveeta, milk, and drained tomatoes & green chilies. Cook on medium heat, for 15 minutes, or until cubes are dissolved.
In large serving bowl, pour cheese mixture. On top of that add bean dip, salsa, then sour cream, black olives, and shredded cheddar cheese. Then add jalapenos, bacon pieces, and 1 squeeze of lime juice. Top with diced tomatoes, and green onions.