Prepare cake mix as directed on package in two 9-inch round layers. Prepare vanilla instant pudding as directed on package.
Layer in punch bowl as follows: 1 layer cake, 1/2 pudding, 1/2 cherries, 1/2 fruit cocktail, 1/2 pineapple, 1/2 Cool Whip, Sprinkle with nuts and coconut, 1 layer cake, 1/2 pudding, 1/2 cherries, 1/2 fruit cocktail, 1/2 pineapple, 1/2 Cool Whip. Top with nuts, coconut and maraschino cherries, if desired.