Place chocolate in large microwavable bowl. Add sweetened condensed milk; mix well. Microwave on HIGH 2 to 3 minutes or until chocolate is almost melted, stirring after every minute. Stir until chocolate is completely melted. Stir in orange extract and 1/4 cup each of the dried cranberries and walnuts.
Pour chocolate mixture into foil-lined 9-inch square baking pan. Sprinkle with remaining cranberries and walnuts, pressing gently into fudge.
Refrigerate 2 hours or until fudge is set. Use foil to lift out of pan onto cutting board. Cut into 36 pieces. Store in tightly covered container at cool room temperature.
Test Kitchen Tip:A 9x5-inch loaf pan may be used in place of the 9-inch square pan. Fudge will be thicker in size.