Heat oven to 375°F (350°F for dark or nonstick pan). Place paper baking cup in each of 24 regular-size muffin cups. In large bowl, beat cake mix, oil, water, 1 teaspoon rum extract, the pineapple and eggs with electric mixer on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Divide batter evenly among muffin cups.
Bake 15 to 20 minutes or until toothpick inserted in center comes out clean. Cool in pans 10 minutes; remove from pans to cooling rack. Cool completely, about 30 minutes.
Stir coconut extract and 1 teaspoon rum extract into frosting. Spread frosting on cupcakes. Dip tops of frosted cupcakes in coconut. Store loosely covered.