Heat oven to 350°F. Spray 12×8-inch (2-quart) baking dish with cooking spray.
In large (at least 4-quart) microwavable glass bowl, mix broccoli, bell pepper and water; cover with plastic wrap. Microwave on High 4 to 5 minutes, stirring after 2 minutes, until broccoli is bright in color and hot; drain. Return broccoli and bell pepper to bowl.
Place cream cheese spread and milk in medium microwavable glass bowl. Microwave uncovered on High 1 minute; use whisk to blend (mixture will have a few small lumps).
Stir dressing mix into cream cheese mixture; mix well. Add cheese; stir to combine. Pour cheese mixture over broccoli and bell pepper; toss to coat. Spread in baking dish.
In small bowl, toss crackers with melted butter. Sprinkle over broccoli.