In a medium sauce pan over low heat combine Velveeta, Swiss, soup, milk, cayenne, and paprika until melted and smooth. Stir regularly and keep the heat low to prevent scorching.
When fully melted, stir in the chopped lobster and shrimp.
If you have a sourdough bread bowl, carveout the middle to create a bowl. Place the prepared bread bowl, scraps from the inside, and any other sliced bread for toasting on a cookie sheet. Drizzle with olive oil and broil on low until to desired level.
Fill the toasty bread bowl with Ultimate Fondue. There will be more than enough to fill the bread bowl. Garnish with red pepper and green onion, if desired, and serve with the toasted bread.
Ultimate Fondue can be served with all sorts of other fondue accoutrements. This is a wonderful dish to serve for special occasions.