Combine the cream cheese, milk, mayonnaise, horseradish, crab meat and Old Bay Seasoning ™. Mix until creamy. Spread mixture into an 8×12 inch baking dish, and bake at 350 degrees F (175 degrees C) for 35 to 40 minutes.
Cut a circle out of the top of the bread and scoop out the inside. Tear the inside into pieces for dipping.
Remove mixture from oven and spoon into hollowed bread. Cover the top with the shredded cheese and more seasoning. Place the bread bowl on a medium baking sheet, and bake in the preheated oven 45 minutes, or until the cheese is melted. Serve hot with bread pieces on the side.