HEAT oven to 350F.
BROWN meat in large skillet; drain. Return to skillet.
STIR in taco mix and water. Add potatoes, corn and VELVEETA; mix well. Spoon into 13x9-inch baking dish; cover.
BAKE 20 min.; stir. Bake, uncovered, 15 min. or until heated through.
ONE- SKILLET VARIATION:
Brown meat in large skillet; drain and return to skillet. Stir in taco mix, water, potatoes and corn; cover. Cook 5 to 7 min. or until potatoes are tender. Stir in VELVEETA; cook, uncovered, until VELVEETA is melted and mixture is well blended, stirring occasionally.
6 servings, about 1-1/3 cups each