Line a 13-in. x 9-in. pan with foil and coat with cooking spray; set aside. In a small heavy saucepan, combine the sugar, evaporated milk and butter. Cook and stir over low heat until sugar is dissolved. Bring to a boil; cook and stir for 4 minutes. Remove from the heat; stir in chips and marshmallow creme until smooth.
Remove 1 cup and set aside. Add extract and food coloring to the remaining mixture; stir until blended. Pour into prepared pan. Pour reserved marshmallow mixture over the top; cut through mixture with a knife to swirl. Cover and refrigerate until set.
Using foil, lift fudge out of pan. Discard foil; cut fudge into 1-in. squares. Store in an airtight container in the refrigerator. Yield: about 2-1/2 pounds.