Warm the waffles (do not toast). While still warm, fold each waffle in half like a taco shell.
Place waffles in a 9 x 13 baking dish, squeezing them into tight rows so they retain their taco shell shape.
In a large bowl combing the ice cream and marshmallows until mixed well.
Evenly scoop ice cream into waffle shells.
Spoon fudge sauce over ice cream and top each with a cherry.
Cover with plastic wrap and freeze until firm.
Keep frozen until ready to serve.