Add first 8 ingredients to saucepan or slow cooker coated with cooking spray. Toss with fork to evenly distribute spices.
Add 2-1/4 cups evaporated milk and hot sauce, stir. Add optional ingredients.
For slow cooker, cover and cook on low for 1-1/2 hours, whisk until smooth and keep warm. If using a saucepan, cook over low heat uncovered, stirring frequently until cheese has mostly melted.
Whisk until completely smooth. If too thick, add more evaporated milk. Keep warm. Serve with tortilla chips or French fries. Makes great topping for baked potatoes or vegetables.