In 2 quart sauce pan add meat. Mash to loosen up meat with potato masher. Add just enough water to cover meat to 3 inches above meat. Heat on medium high heat while mashing meat to fully blend with water. Bring to a low boil and continue to mash meat until very loose. Cook until meat is done and some of the water has reduced.
Using either an emulsion blender, food processor, or blender, "liquefy" the contents of can of chili. Add to meat.
Simmer for about 30 minutes or until desired thickness.