Step 1: 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.
Step 2: Serve immediately.
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