1.Preheat oven 350 Df. Grease and flour three 9" inch cake pans.
2. In medium saucepan bring cranberry juice to boiling. Add dried cranberries and return to boiling, reduce heat and simmer 1 minute. Remove from heat. Let stand while preparing cake then drain.
3. Meanwhile, in medium bowl combine flour, baking powder, baking soda, and salt. In large bowl combine 3/4 cup of butter and granulated sugar. Beat with electric mixer on medium speed until light and fluffly. With mixer on low, beat in the egg whites, vanilla and 1/2 teaspoon coconut extract. Beat in flourmixture in 3 additions, alternating with buttermilk until combined. Divide evenly among cake pans.
4. Bake cake layers on two racks in center of the oven 18-20 minutes or until toothpick inserted in center comes out clean. Cool in pans on wire racks 10 miutes. remove from pans, cool completely.
5. Meanwhils, for frosting, in a large bowl beat 3/4 cup butter with an electric mixer on medium until smooth. Gradually add 2 cups of the powdered sugar, beatin well. Slowly beat in coconut milk and coconut extract. Graduually beat in remaining powdered sugar until fluffly (if frosting is too dry beat in milk, 1 tsp at a time)
6. Place layer on cake plate. Spread with one third of the frosting. Sprinkle with the cranberries. Place second cake layer on top of the filling. Spread with another third of frosting. Top with 2/3 cup of walnuts and 1/3 cup of coconut. Top with last cake layer. Spread remaining frosting. Top with remaining coconut and walnuts. Makes 16 servings.