Cream shortenings; add sugar and milk alternately and beat well. Add peppermint extract and whip at high speed for 5 minutes until fluffy.
Chocolate Fudge Icing: 1/2 c butter 1/4 c shortening 1/2 c cocoa 1 egg 3 c confectionary sugar, sifted 1/3 c milk Cream shortenings and cocoa together. Blend in vanilla and egg, beating well. Alternately add sugar and milk, beating until smooth. Whip at high speed 5 minutes.
Cake: Begin with your favorite chocolate 2-layer cake (either scratch or prepackaged mix). Sprinkle each layer with 1/2 cup Creme de Menthe or Peppermint Schnapps and allow to stand for 1 hour. Frost top and center with peppermint icing. Frost sides with fudge icing. Garnish top of cake with crushed peppermint hard candy and miniature peppermint wafers (either York Peppermint patties, Andes creme de menthes, or similar).