Cream the cheddar and cream cheeses and mayonnaise together either in a food processor or mixer until creamy and well combined. Add the pimentos, hot sauce, salt, and pepper and mix well.
Serve with grilled pita and toasted baguettes. (Brush pita with olive oil and grill for 2 minutes per side and/or slice a baguette into crostini pieces, brush with olive oil, and grill or bake for about 2 minutes per side.)