Hollow loaf, leaving bottom 1-inch think. Cut 1-inch cubes from the hollowed out inside bread; set aside. Use leftover top of the bread for a stem.
Place loaf on a baking sheet. Bake 8 to 10 minutes or until lightly toasted. Remove from oven. Cool on wire rack until ready to use.
For dip, combine cream cheese, mayonnaise, shredded cheese and Hidden Valley Ranch Dressing & Seasoning Mix in medium microwave safe bowl. Heat in microwave on high 1 to 1 1/2 minutes, stirring halfway through. Remove and stir until cheese is completely melted. Stir in remaining ingredients. Heat 1 minute or until heated through.
Spoon dip into bread. Place 2 reserved olive slices near top for 'eyes' and triangle orange peppers for the nose and mouth. Serve with reserved bread cubes and fresh vegetables for dipping.