This is how we used to make it at the pub I ran...
1 1/2 tbsp. butter
1 tbsp. cornflour
1/4 pint milk
1 oz. cream cheese (or marscapone)
6 oz. mature cheddar cheese, grated
1/2 tsp. Tobasco
1/2 tsp. chili powder
1/4 tsp. paprika
In a small saucepan over low-medium heat, melt butter and stir in cornflour.
Pour in the milk, add cream cheese, and continue to stir until mixture is fully mixed.
While stirring mix in cheese, chili powder, paprika, and Tobasco sauce.
Continue to stir until cheese has melted and all ingredients are well blended.
Pour over tortilla chips.
This'll serve 2-3 portions
If you don't like a strong flavour use Red Leiester Cheese and less spicy stuff.