1. Combine processed cheese, diced tomatoes, and green chiles, Monterey Jack and Cheddar cheeses, and cumin in a microwaveproof bowl. Microwave on High 4 to 5 minutes, stirring once, until melted and smooth. Pour into a serving bowl.
2. Combine tapenade and water in a small resealable plastic storage bag; knead to mix. Cut a tiny hole in one corner and pipe a spider web design on top of dip. Serve warm with chips and bell pepper wedges. Makes 2-1/4 cups (thirty-six 1-tablespoon servings).