Preheat oven to 350 degrees. Combine first five ingredients and beat until smooth. Fold in the nuts and coconut and pour into an ungreased tube pan. Bake for one hour.
With 5 minutes to go in baking time, melt the stick of butter with 1/2 cup of sugar in a small saucepan over a low heat, careful not to burn the butter. When the mixture has become smooth, remove from heat and add 1/2 cup of whiskey. This is a very strong smell lol
Once the cake has browned and a toothpick inserted comes out clean, remove it from the oven. Pour the hot glaze slowly over the hot cake. It will get soggy. Allow glaze to soak in and then repeat this process. Repeat three to four times, allowing glaze to soak in after each addition.
Cover and let sit in the refrigerator for 24 hours. Serve with whipped cream or cool whip. Remember this cake contains alcohol that is not cooked out!!!