Azraelle, technically, it is possible to sub a sugar alcohol for the sugar and go the traditional candymaking route for fudge. Technically Because of the slightly different ways sugar alcohols crystallize, though, it can get REALLY complicated. That's why most of the lc fudges you find, even the ones with sugar alcohols lean heavily towards other kinds of thickeners like cream cheese.

Here is a commercial recipe for a caramel flavored fudge using erythritol and maltitol syrup.

Fellow Fudge Lovers, I just found a new recipe from about.com, which Larrian Gillespie (Goddess Diet) is running. Here it is, let me know what you know--looks simple, anyway!--datahamstr

Nut Fudge
From Larrian Gillespie,
Your Guide to Low Carb Diets.
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Who knew you could have fudge on a low carb diet? This has only 2 net carbs and suits Atkins, South Beach, Hamptons, Menopause, Goddess and Gladiator Diets.
INGREDIENTS:

1/3 cup butter, softened
1 tsp. vanilla or chocolate extract
2 Tbsp. usnweetened cocoa powder
5 Tbsp chocolate whey protein powder
2 Tbsp. canola oil
3/4 cup Splenda
3/4 cup nuts, such as walnuts, pecans, macadamia,, chopped
PREPARATION:

Combine all the ingredients except the nuts in a food processor until well mixed. Stir in the nuts by hand.

Form the mixture into balls with a small melon scoop.

Freeze on a tray for about 10 minutes; Serve in decorative candy paper cups. Makes 12 Servings.