8 ounces extra sharp cheddar cheese (or a mix of cheddar and pepper Jack—see tip), grated on large holes of a box grater
1 tablespoon corn starch
1 (12-ounce) can evaporated milk
2 teaspoons Franks Red Hot or other hot sauce
Procedures

Add cheese and cornstarch to large bowl.
Toss to combine.
Transfer to medium saucepan.
Add 1 cup evaporated milk and hot sauce. Cook over low heat, stirring constantly with whisk until melted, bubbly, and thickened (about 5 minutes). Mixture will look thin and grainy at first but will thicken and come together after heating.
Thin to desired consistency with additional evaporated milk.
Serve immediately with fries, tortilla chips, burgers, or hot dogs.