Cut Velveeta into cubes. Add cheese and evaporated milk to pan and melt cheese slowly over low heat, stirring occasionally.
Once cheese is melted, remove from heat. Stir in Miracle Whip (must use Miracle Whip or it DOES NOT taste right). Then stir in olives, onion and nuts.
Chill dip in refrigerator for a couple of hours. Serve with Frito's Scoops, for the best results.