Stir together 1 cup (250 mL) Chips Ahoy! Cereal with milk. Let stand for 10 minutes.
In blender, mix cereal mixture and ice cream until combined. Stir in 1/2 cup (125 mL) cereal. Divide between 2 tall glasses. Top with whipped cream. Drizzle with fudge sauce; top with remaining cereal.
Substitute chocolate ice cream for vanilla ice cream if preferred.