Cheesy Broccoli Soup

1 (10oz) pkg frozen, chopped broccoli
1/2 cup onion, chopped
1/4 cup green pepper, chopped
2 tbsp margarine
1 can cream of chicken soup
1 1/2 cup milk
1 cup water
3/4 lb Velveeta, cubed

Cook broccoli according to package directions.  Drain well.  Saute onion and green pepper
in butter in saucepan.  Add broccoli and remaining ingredients.  Cook over medium heat until
cheese melts, stirring often.  Serve immediately.