In a large bowl pour all contents of condensed milk. Set aside. Whip heavy cream to stiff peaks in large bowl. Add vanilla and incorporate in whip cream. Fold whip cream into sweetened condensed milk. Add chocolate chips and fold in to mix.
Pour into a 2-quart container and cover. Cover with saran wrap and store in freezer. After 1 hour, remove from freezer and swirl on the Chocolate Fudge Magic Shell. Stir gently once or twice. Return to freezer for another hour, then remove and gently stir, breaking up the fudge shell. Repeat 2-3 times as desired.