Prepare cake mix according to package directions in a 9”x13” pan. Cool completely.
Heat oven to 350 degrees. On a baking sheet, spread half of coconut. Toast, stirring occasionally for 10 minutes, or until the coconut has started turning a golden brown. Remove and cool. You can also do this over medium heat on top of the stove in a sauté pan. Mix toasted and untoasted coconut together and set aside.
In a small bowl, beat together cream of coconut and sweetened condensed milk until well blended.
Using a small straw, chopstick or other similar sized item that can make a small hole; poke numerous holes in the cooled cake. This is how the ooey, gooey, yummy coconut-sweetened condensed milk mixture will soak into the cake.
Slowly pour the cream of coconut-sweetened condensed milk mixture over the cake and allow to soak in for 15 minutes.
Mix vanilla into thawed whipped topping and spread mixture evenly over soaked cake.
Sprinkle mixed coconut evenly over whipped topping.
Cut into squares and serve. Store any leftovers in the refrigerator.