For the spread: Put about 2 inches of oil in a small saucepan and line a plate with paper towels.
Heat the oil over medium-high heat until swirls appear on the surface of the oil, about 5 minutes, then add the jalapeños. Fry until they begin to wrinkle and the thin outer skin begins to separate, about 5 minutes. Remove and drain on the lined plate. Let cool slightly, then chop finely, removing seeds if you'd like less heat. Fold together the jalapeños, cream cheese and salt and pepper to taste in a bowl.
For the hot dogs: Cook the hot dogs in the same frying oil until they plump and begin to blister, about 5 minutes. Remove and drain on the lined plate. Slather the insides of the warm hot dog buns with the cream cheese mixture, then add a hot dog to each and top with a drizzle of the nacho cheese sauce and a sprinkle of the chopped fried jalapeños.