This makes a great gift idea...in a jar with a pretty bow, given with a carton of ice cream!
2 cups chocolate chips (I like using 1-1/2 cups semi-sweet and 1/2 cup milk chocolate)
1 can evaporated milk
1/2 cup real butter (1 cube)
2 cups powdered sugar
1 tsp. vanilla
Over medium heat, in med-size saucepan, melt butter with chocolate chips, evaporated milk and powdered sugar. Continuously whisk over medium heat. As soon as it reaches a boil (this will take a while), turn heat to "2" and continue to simmer for 4 more minutes.
Take off the heat and add vanilla.
Chill to thicken.