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Bake cake according to package instructions. Let cool for 10 minutes. Punch holes in top of cake using the handle of a wooden spoon.
Pour can of Eagle Brand Caramel Flavored Sweetened Condensed Milk over the top of cake. Spread to make sure it gets into all of the holes. Put cake in refrigerator for 1 hour. Frost cake with chocolate frosting. Add nuts and chocolate chips on top. Drizzle with caramel syrup. Slice and serve. Store covered in refrigerator for up to 5 days.