Using electric mixer, beat together cream cheese, Worcestershire sauce, lime juice, onion powder, garlic powder, cumin, smoked paprika and pepper until light and fluffy. Beat in Cheddar cheese, jalapeño and red pepper until blended.
Line small bowl with two long pieces of plastic wrap, leaving overhang over edge. Scrape cheese mixture into bowl; bring edges of wrap together and twist to form ball. Refrigerate for about 1 hour or until firm.
Place walnuts in shallow bowl; remove cheese ball from plastic wrap and roll in walnuts to coat. Transfer to serving platter; serve with crackers and crudités.
Add 1/3 cup finely cooked and crumbled bacon if desired.
To toast walnuts, arrange in a single layer on baking sheet; bake in 350°F oven for 8 to 10 minutes or until fragrant.