Mix together cream cheese, Muenster cheese, chopped pepperoni and milk. Shape into 4-inch ball. Flatten the ball into a wheel shape measuring 4-1/2 inches across and 1-1/2 inches thick. On wax paper combine paprika and red pepper. Roll and pat cheese wheel in paprika mixture till well coated. Cover and refrigerate for 3 hours to 1 week. OR wrap in moisture and vapor proof material and freeze up to 3 months. Let thaw overnight in refrigerator before serving.