1/4 c. butter
1 (7 oz.) pkg. flaked coconut
1/2 c. pecans, chopped
1 (8 oz.) pkg. cream cheese, softened
1 (14 oz.) can Eagle Brand milk
1 (12 oz.) Cool Whip
1 (12 oz.) jar Kraft caramel ice cream topping

Melt butter in large skillet. Add coconut and pecans. Cook until golden brown, stirring frequently. Cool on paper towel. Combine cream cheese and milk. beat until smooth. Fold in Cool Whip. Layer cream cheese mixture, drizzle with caramel topping. Sprinkle with toasted coconut. Repeat layer ending with toasted coconut. Cover and freeze until firm. Let stand at room temperature before serving.