Place chips in microwave bowl (glass works best as chocolate gets very hot). Add about 1/4 can of Condensed mild,  Melt chips in microwave stirring often..  About 3 - 5 minutes. Remove from microwave.  Add the rest of the condensed milk.  Beat until smooth.  Stir in flavoring and nuts.  Pour into container.  Let cool.

This is a very versitile no fail fudge.  I make several batches as follows, never washing the bowl, only scrapping well..

1.   White chips, almond flavor, blanched almonds.  2. Butterscotch chips, rum flavor, hickory nuts.  3. Peanut Butter chips, vanilla, peanuts.  4. Milk Chocolate chips, vanilla, pecans.    5 Milk Chocolate Chips, Vanilla, no nuts.   6. Chocolate mint chips, peppermint, peppermint hard candies, crushed.  7.Semi-sweet chocolate chips, vanilla, walnuts.  8.  Semi-sweet or dark chocolate chips, vanilla, black walnuts.  

This makes over 15 pounds of fudge in less than an hour. Make up your own flavors, the ones you like.