Drain piementos. Grate Velveeta cheese into a large bowl. Add piementos, black pepper and red pepper to mayonnayse and mix well. Add mayonnaise mixture to grated Velveeta cheese and mix well. Let sit at room temp for about a half hour Store in refrigerator in a sealed jar Notes: Try it with Velveeta first... Then substitute if you must.. I find that the velveeta gives a better consistency... Also, I recommend hand-grating... Food processors tend to liquify. Sometimes I substitute 1 tsp ground mustard for the red pepper... (Yup, I'm strange...) It's great on crackers or in sandwiches... Also a great topping for burgers... And it keeps for -at least- a month in the fridge!!!