1. Place the milk and chocolate chips in a medium pot over medium heat. Stirring frequently, bring to a light boil. Continue to stir until all the chips have melted.
2. Remove the pot from the heat and let the mixture cool for 2 or 3 minutes. Add the butter and vanilla and stir until well blended.
3. Place 1 or 2 scoops of ice cream in a bowl or sundae glass. Spoon on some of the hot fudge, and top with whipped cream and nuts.
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