In a small saucepan, melt semisweet chocolate, milk chocolate, and shortening over low heat, stirring constantly.
Meanwhile, place waffles in a single layer on an ungreased baking sheet; toast in the oven according to package directions. Halve each waffle crosswise.
Dip waffles in chocolate or spoon chocolate over waffles to coat. Remove from chocolate with a fork, allowing excess chocolate to flow back into pan.
Insert a wooden skewer or ice cream stick into each waffle half. Place on a waxed-paper-lined baking sheet. Sprinkle with topping. Refrigerate for 30 minutes or until chocolate is set.
Serve fudge puppies topped with whipped cream, if you like. Makes 10.