Peel paper from cans of Eagle Brand Milk. Place cans on their sides in a large pot and cover completely in cold water. Slowly bring pot to rolling boil and boil for 3 hours making sure to turn cans every 30 minutes or so.
At the end of 3 hr. allow cans to cool for 1 hr. (at least - this part is VERY important). Open cans of Milk and spread into pie pan. Cover with Cool Whip. Sprinkle nuts and chocolate chips all over the top. Refrigerate for 8 hours.