Line a 9 by 13 dish with parchment paper. If you would like thinner fudge, use a larger pan.
In a large bowl, place semi sweet chocolate chips, butter, marshmallow creme, and vanilla. Set aside.
In a large pot, add the evaporated milk and sugar and bring to a boil. Rapidly boil for 7 minutes stirring constantly. Remove from heat and add the semi sweet chocolate chip bowl and mix until incorporated completely.
Working quickly, add the maraschino cherries and the white chocolate chips. Pour the mixture into the prepared pan.