Prepare a 9x9 baking dish with greased wax paper.
In a small bowl, mash 1/2 cup raspberries and set aside.
In another bowl, mix together half the sweetened condensed milk with the semisweet chocolate chips and microwave in 30 second intervals until melted.
Repeat with remaining sweetened condensed milk and white chocolate chips.
Stir in raspberry extract along with mashed raspberries.
Build fudge by layering 1/2 of the raspberry white chocolate, sprinkle with half the marshmallows, 1/2 the almonds, and all of the semisweet chocolate mixture.
Finish with white chocolate, nestling in remaining raspberries, marshmallows, almonds and chocolate shavings if using.
Refrigerate overnight until set.