Stir 12 oz pkg. semi-sweet choc. chips and 2/3 cup evaporated milk in a heavy 2 qt. saucepan, over very low heat until choc. chips are all melted. Take off heat. Stir in 3 cups sifted powdered sugar. Beat well. Add 2/3 cup cut up walnuts and 2/3 cup cut up maraschino cherries, well drained. Chill until mixture cools. Roll tsps. of mixture into 3 cups of coconut. Chill on wax paper in fridge.