PLACE water, evaporated milk, Abuelita chocolate and sugar in medium saucepan. Cook over medium heat, stirring constantly, until mixture comes to a boil. Remove from heat.
SPRINKLE gelatin over Abuelita chocolate mixture; whisk immediately until dissolved. Pour into 8 individual gelatin molds or 1 large 4-cup capacity mold.
REFRIGERATE for 4 hours or until set. To serve, invert onto serving dish and garnish with whipped cream.