Combine water and all other ingredients in a Vita-Mix or other blender and blend until completely smooth. If you're using a Vita-Mix, use the "hot soup" setting, and you'll be good to go! Otherwise, transfer mixture to a medium saucepan and whisk constantly over medium-low heat until heated through.
Serve as a dip, drizzle over nachos (think refried black beans, a simple guac, fresh jalapeno slices, homemade salsa, sliced black olives, sautéed mushrooms, diced tomatoes, and thinly sliced red onions..... which is exactly what we had for dinner last night, coincidentally), or burritos.
*Omit cumin if using for a non-Mexican application (like steamed broccoli, mac and cheese, etc.), unless you just dig the flavor!