Warm waffles; do not toast. Gently fold each waffle in half; set in a 13"x9" baking dish, open-side up, keeping the rows tight so taco shape is maintained.
Combine ice cream and marshmallows in a large mixing bowl; spoon evenly into waffle shells. Cover and freeze until firm. Before serving, drizzle with warmed hot fudge sauce and top each with a cherry.