In a large sauce pan over low heat, melt the Velveeta. Add the jar of horseradish and mix. Allow this to heat on low for 15 minutes, stirring often. Add the mayo, Worcestershire, and Tabasco. Mix and allow to heat another 10 minutes, stirring often. Cool slightly and pour into 4 or 5 containers. Refrigerate. Serve on your choice of crackers.