Preheat oven to 350 degrees and grease and flour 2 - 9" cake pans.
In your mixer, combine all of the ingredients for the cake for about 30 seconds, then beat for 2 minutes.
Distribute evenly in each cake pan and bake for 30 minutes or until a cake tester comes out clean.
Combine ingredients for cream and set aside.
While cakes are warm poke holes all over with a large fork or skewer.
Pour cream mixture over the top of the cakes.
Place in the refrigerator for about 5 hours, or overnight is even better.
To make the frosting, cream together cream cheese, sugar and extracts until smooth.
Then, with the whisk attachment, slowly add the whipping cream and whip until stiff peaks form.
To remove the cakes from their pans: This is a little tricky. I took a thin knife and ran it around the edge, and I sat the bottom of the pan in hot water for a minute or two, to loosen it up. I flipped it out onto a piece of waxed paper, then flipped it again onto my plate.
Top with bottom layer with a little frosting, and about 1/2 cup of coconut.
Place the second layer on top, frost, and top with remaining coconut.