1. Place chocolate chips and light cream in medium microwave-safe bowl. Microwave at MEDIUM (50%) 1 minute; stir. If necessary, microwave at MEDIUM an additional 15 seconds at a time, stirring after each heating, until chips are melted and mixture is smooth when stirred. Stir in vanilla.
2. Pour into fondue pot or chafing dish; serve warm with fondue dippers. If mixture thickens, stir in additional light cream, one tablespoon at a time. Refrigerate leftover fondue. 1-1/2 cups fondue.
Stovetop directions: Combine chocolate chips and light cream in heavy medium saucepan. Cook over low heat, stirring constantly, until chips are melted and mixture is hot. Stir in vanilla.