Cook and stir chicken in large skillet sprayed with cooking spray on medium-heat 5 min. or until no longer pink.
Stir in water. Bring to boil. Add pasta; stir. Cover; simmer on medium-low 10 min. or until pasta is tender.
Add remaining ingredients; stir. Cook, covered, 5 to 7 min. or until Velveeta is completely melted and vegetables are crisp-tender, stirring frequently.
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