Prepare the cake mix according to the package directions, BUT, substitute the coconut milk for the water in the mix. Add 3/4 cup of the flaked coconut and the coconut extract, combine well and pour into prepared pan. Bake at 350 degrees according to package directions.
Bake until cake tests done, be sure not to burn the cake as white cakes are a little deceiving. Test with a skewer to assure baking is complete.
While the cake is still warm, poke holes all over the top of the cake with a skewer.
Pour the entire can of cream of coconut into a microwave safe glass measuring cup. Heat 1-2 minutes. Pour over the cake. Chill several hours or overnight.
Frost the cake with the whipped vanilla frosting and sprinkle with the remaining 1/4 cup of coconut. Keep refrigerated until serving.