Creamy chocolate frosting

I got this from my friend's blog. Sounds amazing!

2 (1 ounce) squares unsweetened chocolate, melted and cooled
1 (14 ounce) can sweetened condensed milk
1/2 cup water
1/2 teaspoon vanilla extract
1 (3.9 ounce) package instant chocolate pudding mix
1 cup heavy cream, whipped

Melt the unsweetened chocolate (i melted it with a tsp of butter....seemed less prone to burning in the microwave that way). Mix with the sweetened condensed milk. Slowly add water, vanilla and instant pudding mix. Whip the cream and fold into chocolate mixture (We ended up whipping about 2 cups of cream and folded almost all of it into the chocolate mixture....just depends on how chocolaty you want the frosting). Frost immediately, refrigerate.