In a large skillet, cook sausage over medium heat 6-8 minutes or until no longer pink, breaking into crumbles; drain., Place red peppers, jalapenos and sausage in a 3-qt. slow cooker; add milk. Cook, covered, on low 5-6 hours or until peppers are tender., Stir in cheeses. Cook, covered, on low 30 minutes longer or until cheese is melted. Serve with tortilla chips.