Microwave 8 round frozen waffles, in 2 batches, in a single layer at HIGH 1 to 2 minutes or just until warm. Gently fold each waffle in half to form a taco; place in an 11- x 7-inch baking dish, pressing waffles together to hold shape. Stir together 1 quart chocolate ice cream, softened, and 1/2 cup miniature marshmallows. Freeze 30 minutes. Spoon ice cream evenly into waffles; cover and freeze 1 hour or until firm. Drizzle with fudge sauce, and top with maraschino cherries and candy sprinkles.