2 (9 inch) pie crust
1/4 c. butter
7 oz. coconut
1/2 c. pecans
1 jar caramel ice cream topping
1 can condensed milk
8 oz. cream cheese
16 oz. Cool Whip

Bake pie crust. Melt butter in saucepan and add coconut and pecans. Cook on medium until coconut is toasted. Mix milk and cream cheese, fold in Cool Whip. Layer the above mixture, starting with the cream cheese, then coconut, then caramel topping. Repeat layers. Freeze before serving.