Mix the chocolate ice cream in a bowl with enough red gel food coloring to make a hot dog color.
Scoop the ice cream onto a piece of parchment paper; fold the parchment over the ice cream, then use a ruler to push the ice cream into a 12-inch-long log.
Roll up the log and twist the ends of the parchment. Freeze until firm, at least 2 hours.
Trim a thin slice from all 4 sides of the pound cake. Make 2 long cuts down the top of the cake, about 1 inch in from each side and 1 inch deep; dig out the center of the cake to make a cavity for the hot dog.
Make the "chili": Mix the strawberries with the fudge sauce in a bowl; set aside.
Make the "cheese": Tint the vanilla frosting orange with red and yellow gel food coloring; transfer to a resealable plastic bag and snip a small corner.
Unwrap the frozen hot dog and position it in the center of the pound cake.
Spoon the strawberry mixture on top of the ice cream.
Pipe the orange frosting on top. Sprinkle with the white chocolate. Freeze until serving.
Courtesy of Food Network Magazine