Here's a low fat version recipe.

Betsy

Date: Wed, 30 Mar 1994 12:38:37 EST
Sender: Foodlore/Recipe Exchange
From: Carole Woltz
Subject: Recipe - Almost Guilt-free Hot Fudge

This recipe appeared in the Food Section of the Washington Post.
Per TBS: 47 calories, 2 gm fat.

HOT FUDGE SAUCE

12 oz can evaporated milk
1 1/4 cups granulated sugar
2/3 cup light corn syrup
1/8 tsp salt
6 oz unsweetened chocolate, coarsely ground
3 TBS unsweetened cocoa powder
2 1/2 tsp vanilla extract

Using a large wooden spoon, stir together evaporated milk, sugar, corn
syrup and salt in a 5 qt Dutch oven. Bring mixture to a boil over
medium-high heat, stirring; initially, it will boil up the pot
sides, then gradually subside. Carefully wash all sugar from
stirring spoon. Continue to cook, uncovered, stirring occasionally
for 5 minutes or until mixture begins to thicken slightly.

Lower heat to medium and continue to cook, stirring constantly until
the mixture turns a light caramel color and thickens further, about
8 or 9 minutes. IMMEDIATELY, move pot from heat and add all
chocolate at once, stirring until completely melted.

In a medium bowl, stir together 1/2 water and cocoa ppowder until
completely smooth. Stir into the chocolate mixture, along with
vanilla extract, until evenly incorporated. Set sauce aside to
cool to very warm. At this point, if sauce appears too stiff,
gradually thin with a little hot water until fluid but still fairly
stiff and gooey.

Can be served immediately or stored in the frig up to 3 weeks.