PREHEAT oven to 400°F. Lightly grease 8-inch square baking dish.
MICROWAVE macaroni & cheese on HIGH (100%) power for 10 minutes.
COMBINE macaroni & cheese, hot dogs, and peas and carrots in medium bowl; transfer to prepared baking dish. Top with chips.
BAKE for 25 to 30 minutes or until hot and bubbly around edges.