In a skillet over medium heat, brown the ground beef. Drain any excess grease. Add the taco seasoning according to the package instructions.
Add the cubed Velveeta and the Rotel. Stir thoroughly until melted. Note: If you're serving this in a crockpot and can keep it warm, the evaporated milk is not necessary. If it's going to be served in a bowl (not warmed), then adding the cheese will help keep the dip creamy as it cools.
Serve it in a mini crock pot on low to keep warm. Goes well with chips, crackers, or veggies.
Notes
The evaporated milk is optional. I add it if I'm not planning to keep the dip warm while I'm serving it (in a Crock Pot or similar). If you're not planning to keep it hot, it will become clumpy and not so smooth while it cools, so the evaporated milk help combats that.