In heavy saucepan, over low heat, melt chips with sweetened condensed milk. Remove from heat; stir in vanilla extract. 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.
Microwave ? in 1 quart glass measure, combine chips and sweetened condensed milk. Microwave on full power (HIGH) 3 minutes, stirring after 1 1/2 minutes. Stir until smooth. Proceed as above.
Amaretto ? omit vanilla extract. Add 3 tablespoons amaretto or other almond flavored liqueur and 1 1/2 teaspoons almond extract. Roll in finely chopped toasted almonds.
Orange ? omit vanilla. Add 3 tablespoons orange flavored liqueur. Roll in finely chopped almonds mixed with finely grated orange rind.
Rum ? omit vanilla extract. Add 1/4 cup dark rum. Roll in flaked coconut.
Bourbon ? omit vanilla extract. Add 3 tablespoons bourbon. Roll in finely chopped toasted nuts.
