How to make Ghost Pepper Queso
The basic question is how to work with your dried bhut jolokia chili peppers. 

First and foremost, don gloves (and, afterwards, remove them so that they're inside out). 

To rehydrate the pods, put them in a bowl and pour boiling water over them, enough to cover them.  Cover the bowl with plastic wrap and let it sit until the chilies are softened, at least 10-15 minutes. As though you needed them to be more intense (really), you could toast the dry pods (both sides) in a hot, dry skillet, before rehydrating.  

As for the dip, follow any recipe for queso, such as your Velveeta approach, with sauteed meat, onions, and tomatoes.