Pour 2/3 can of Beer in fry pan. I use fry pan for greater heat area distribution. Low simmer for a few minutes. Mix 2 heaping tablespoons of Corn Starch to a slurry in the reserved 1/3 can of cold beer.
With Beer warming to a slow simmer stir in the Slurry and stir well. Increase heat while stirring. Note: Cornstarch has to come to a high simmer to thicken. It might not look too tempting at this point, but trust me. Do not allow to boil or it will curdle and separate.
When thickened reduce heat to low to very low. Add the 2 to 4 oz. each of the cubed Cheddar and Colby Cheeses, and stir to melt cheeses.
Add the sliced Green Olives and the crumbled Bacon, continue to stir. Simmer on very low for 15 minutes, stir occasionally.
Add 1 teaspoon Worcestershire Sauce and 1/4 teaspoon Tabasco Sauce (Optional), stir. Taste, add dash of salt if desired. If it appears too thick add a little water or a bit more beer or milk. to thin.
Bowl it up and add a few Croutons if you wish. Cheers! Err... Enjoy.
Caution: Do Not Microwave to re-heat, I repeat do Not Microwave to re-heat. It will curdle and cheese will become solid and stick to spoon. Instead warm slowly in sauce pan or fry pan. Add a little water or milk to attain desired consistency to it.
P.S. In putting a recipe through these rigors, you find these things out. Re-Heat in Sauce Pan.