In a large bowl, mix together the cake and pudding mixes, sour cream, oil, beaten eggs and water. Stir in the chocolate chips and pour batter into a well greased 12 cup bundt pan.
Bake for 50 to 55 minutes, or until top is springy to the touch and a wooden toothpick inserted comes out clean.
Cool cake thoroughly in pan at least an hour and a half before inverting onto a plate. Frost with Fudge Buttercream Frosting or dust the cake with powdered sugar.
For Frosting:
Cream together the butter or margarine with the shortening.
Sift the cocoa with the confectioners' sugar and add to the creamed mixture. Mix together adding 1 tablespoon at a time of milk to keep mixture smooth. Don't add more than 1/4 cup of milk.
Add the hot fudge topping and the vanilla extract. Blend until smooth and creamy.
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