You are literally 3 minutes away from some delicious hot fudge! Get the ice cream ready!!! 3 Minute Hot Fudge Sauce Ingredients 1 cup (6 oz.) semi-sweet chocolate chips 1 (14 oz.) can Eagle Brand® Sweetened Condensed Milk 2 tablespoons butter 2 tablespoons water 1 teaspoon vanilla extract Instructions Combine all ingredients in a bowl.