Place the can of cream of coconut in a pan of hot water for 5 minutes. Mix the sweetened condensed milk and the cream of coconut in a bowl and pour over the cake slowly, letting it soak into the holes. Let cool completely.
Spread 1/2 c. coconut on a baking sheet. Bake 10 minutes, stirring often. Let cool. Frost the cooled cake with cool whip. Top with plain shredded coconut. Sprinkle the toasted coconut on top for color. Keep refrigerated.