Preheat oven to 350 degrees. Line cupcake pans with 24 liners. Set aside and make batter.
Sift together all dry ingredients and set aside.
In a large mixing bowl on medium speed, mix together the eggs and oil and sugar until combined. Reduce speed to low and add vanilla until well blended.
Add the slightly drained pineapple and sour cream and mix until well incorporated. Gradually add the dry ingredients and blend until smooth.
Bake cupcakes for 22 minutes or until toothpick inserted in the center comes out clean. Remove from oven and cool in the pans. While cupcakes are cooling make your coconut frosting.
COCONUT FROSTING: In a large mixing bowl on medium speed, blend the cream cheese & butter until smooth. Add the extracts and powdered sugar, 1 cup at a time until blended. Slowly add the rum and beat until fluffy,approx. 1 minute.
Use the frosting at once or keep refrigerated (this will keep in the refrigerator for several days, but you may need to re-beat to use resume a fluffy texture). Pipe the frosting on the tops and sprinkle with coconut, a thin slice of pineapple and a stemmed cherry!