3 (6 oz.) pkg. semi sweet chocolate chips
1 (14 oz.) can Eagle brand sweetened
condensed milk
1 tbsp. vanilla extract

Finely chopped nuts, flaked coconut, chocolate sprinkles, colored sprinkles, unsweetened cocoa or colored sugar. In heavy saucepan, over low heat, melt chips with sweetened condensed milk. Remove from heat, stir in vanilla. Chill 2 hours or until firm. Shape into 1 inch balls, roll in any of the above coatings. Chill 1 hour or until firm. Store covered at room temperature. In the microwave: In 1 quart glass measurer, combine chips and sweetened condensed milk. Microwave on full power 3 minutes, stirring after 1 1/2 minutes. Stir until smooth. Proceed as above.
 

Source: http://www.nancys-kitchen.com