Put the mayonnaise, cream cheese, garlic, parsley and Tabasco in a food processor or blender, and blend until smooth.
Transfer the mixture to a bowl and stir in the pimento and shredded cheddar cheese.
Form the mixture into a ball shape (or form into two smaller balls) and roll in the chopped nuts to cover the outside.
Wrap in plastic wrap and refrigerate for at least 4 hours (or overnight) to allow the flavors to meld together. Serve with your favorite crackers. Store leftovers in the refrigerator, tightly wrapped.