In a small bowl, mix the water and cornstarch with a spoon, set aside.
In a sauce pan over medium heat, sauté the bell pepper in the olive oil until soft, 3 to 5 minutes.
Add the Buffalo sauce, blue cheese dressing, beans, and cornstarch mixture.
Continue to cook over medium heat until the sauce thickens and bubbles around the edges of the pan.
Blend in a food processor or using hand blender.
Serve with tortilla chips, carrots, and celery, if desired.