Preheat oven to 350 degrees. Melt butter in oven in 15 1/2 x 10 1/2 inch jelly roll pan. Remove from oven and add coconut and pecans. Mix butter, coconut and pecans well. Spread out in pan and bake for 7-8 minutes. Take out, stir well, and put back in oven to bake for another 7-8 minutes to a golden brown. Watch closely. Remove from oven and set aside.
Combine cream cheese and condensed milk; beat until smooth. Fold in whipped topping.
Spread 1/4 of cream cheese mixture into each pastry shell. Drizzle 1/4 of caramel topping onto each pie. Sprinkle 1/4 of coconut mixture evenly over each pie. Repeat layers with remaining ingredients; cover and freeze at least 8 hours, or until firm.
Let frozen pie stand at room temperature 5 minutes before slicing.