***Cake*** 3 large eggs 1 carton (8 ounce size) sour cream 1/3 cup water 1 can (8.5 ounce size) cream of coconut 1/2 teaspoon vanilla extract 1 box (18 1/4 ounce size) white cake mix ***Coconut-Cream Cheese Frosting*** 1 package (8 ounce size) cream cheese, softened 1/2 cup butter or margarine, softened 3 tablespoons milk 1 teaspoon vanilla extract 1 package (16 ounce size) powdered sugar, sifted 1 package (7 ounce size) coconut flakes
Beat eggs at high speed with an electric mixer 2 minutes. Add sour cream, 1/3 cup water, and next 2 ingredients, beating well after each addition. Add cake mix, beating at low speed just until blended. Beat at high speed 2 minutes. Pour batter into a greased and floured 9x13" baking pan.
Bake at 325 degrees F. for 40-45 minutes or until a wooden pick inserted in center comes out clean. Cool cake in pan on wire rack. Cover pan with plastic wrap, and freeze cake 30 minutes. Remove from freezer.
Spread Coconut-Cream Cheese Frosting on top of chilled cake. Cover and store in refrigerator.
For Coconut-Cream Cheese Frosting: Beat cream cheese and butter at medium speed with an electric mixer until creamy; add milk and vanilla, beating well. Gradually add sugar, beating until smooth. Stir in coconut.