Bring Ruby Port and sugar to a boil in heavy small saucepan over high heat. Reduce heat and simmer for 10 minutes, or until mixture is syrupy. Cool sauce slightly.
Scoop ice cream into 4 wine glasses or sundae dishes. Spoon 1/4 cup of warm sauce over each glass of ice cream, and then spoon hot fudge sauce over. Sprinkle with white morsels. Serve immediately.
Cook's Note: The Ruby Port sauce can be made 1 day ahead. Cover and refrigerate, and then reheat in the microwave.