Preheat vegetable oil in a deep-fryer to 350 degrees F.
In a large bowl using a rubber spatula, combine the chicken, colby and Monterey cheese, cream cheese, red pepper, jalapeno, cumin, salt, and pepper. Remove 1 pie crust from pie tin onto a lightly floured surface and roll into a 15-inch circle. Cut out rounds, using a 3-inch cookie cutter. Re-roll dough as needed. Repeat procedure with remaining pie crusts, making 12 to 15 circles total. Arrange 1 round on a clean, flat surface. Using a pastry brush, lightly brush the edges of crust with water. Place 1 heaping teaspoon of chicken mixture in the center of the round. Fold the dough over the filling, pressing the edges with a fork to seal. Repeat with the remaining rounds and chicken mixture. Place empanadas in deep-fryer for 3 to 5 minutes or until golden brown. Top with con queso dip.
Note: Up to this point, the recipe can be made ahead and frozen for up to 1 month
In a medium sauce pot, slowly melt Cheddar over medium/low heat. When cheese is fully melted add tomatoes, chiles, and hot sauce, stirring with spoon until combined well.
Pour cheese dip into a small casserole dish and serve as a dip for the cheesy empanadas or pour on top for a real cheesy effect.