In a microwaveable bowl, place 2 cups of milk chocolate chips. Microwave in 30 second intervals, stirring between each, until chocolate is completely melted. Stir in can of chocolate frosting and mix until completely combined. Pour into a foil-lined 9x9" pan.
In a separate microwaveable bowl, place 2 cups of white chocolate chips. Microwave in 30 second intervals, stirring between each, until completely melted. Stir in 1/2 can of white frosting and mix until completely combined. Fold in 2/3 cup of raspberry preserves pour over the top of the chocolate fudge mixture.
Let it set up in the fridge (about 1 hour).
Cut up into 1x1" squares to serve.
Notes
You can store the fudge in an air-tight container for up to 1 week (if you put it in the fridge, it will be a lot firmer)
If you want more of a raspberry flavor, you can add in a teaspoon or two of raspberry flavoring.
If you want a more "pink" or "red" coloring, you can always add in a few drops of red food coloring to the white chocolate chip mixture before pouring it over the chocolate fudge layer.