Toss the cheese and cornstarch together in a saucepan.

Add all other ingredients, cook over medium heat, whisking often until the cheese is melted and smooth.

Adjust to your taste if required - with extra hot sauce and salt.

While hot, it will have a sauce like consistency - perfect for pouring over nachos.

As it cools, it will thicken and become a dip-like consistency. Whisk occasionally to mix in the skin that forms on the top.

Stir in additional evaporated (or even normal) milk to achieve the desired consistency if you want to use it as a pourable sauce. Note that when you reheat it, it loosens up.