Place Monterey Jack Cheese and VELVEETA in 1-1/2-quart microwavable casserole. Microwave on HIGH until melted, stirring after each minute. Add tomatoes and green chilies, soup and milk. Stir with fork. Microwave until thoroughly heated, stirring every minute. Serve as a dip or pour over nachos. Goes well with cooked beef or grilled chicken, lettuce, sour cream or Alfredo sauce and extra diced tomato. Makes 4 cups.