Step 1Place the milk, water and sugar in a medium saucepan. Over medium-high heat, bring the mixture to a boil. Remove the pan from the heat, add the chocolate and whisk until the chocolate is melted.
Step 2Using an immersion blender, whip the hot chocolate in the saucepan for 1 minute. If you don't have an immersion blender, pour half the mixture into a blender, cover, then cover the top of the blender with a towel, holding down the lid, and whip on high speed for 1 minute. Repeat with the remaining chocolate mixture. Serve immediately. Makes about 4 cups.