Heat the condensed milk in a small saucepan (do not boil!), Gradually plucking in the processed cheese slices. Stir until the cheese is completely melted.
Chop the chilli slices into small cubes and add to the sauce with the Tabasco. Mix well again. Finally add the chilli flakes.
Tip: If the consistency of the sauce is too runny for you (it gets a little firmer after cooling), you can add more cheese.