In heavy saucepan or double boiler on low heat, melt chocolate morsels with sweetened condensed milk. When completely blended, remove from heat and stir in Amaretto and extract. Chill in refrigerator for 2 hours. Shape into 3/4-inch balls and roll in chopped almonds. Place each snowball in miniature cupcake paper and store in refrigerator until ready to serve. The flavor of this candy improves after 24 hours.