I have loved chili dogs ever since I was a kid and first tasted one at a local A&W drive-in. I'm not really a purist about them - I don't spend a lot of time cooking up chili sauce or anything - and inexpensive canned chili works pretty well for me.
I open up a can of chili - Hormel's Chili With Beans works pretty good - and mash it well with a fork to mix up the beans and meat and sauce thoroughly. Then I spoon it on top of hot dogs in buns. It can get a little messy to eat, so have some napkins (or better yet, paper towels!) on hand and OM NOM NOM.
PS: It's kind of important to use the chili with beans. Mashing up the beans gives this "shortcut chili sauce" a better flavor and good body.