Preheat oven to 400° F - 205°C).
Slice top 1/3 off of bread. Remove soft bread from inside, leaving 1-inch shell. Cut top crust and soft bread into bite-size pieces to serve with dip. Place bread shell on baking sheet.
Place creamed chipped beef, salad dressing and red pepper in blender or food processor; cover. Blend until no large pieces of beef remain. Transfer mixture into bread shell. Sprinkle with cheese.
Bake for 10 to 15 minutes or until cheese is melted. Serve hot with bread pieces for dipping.
Servings: 10