Mix up cake according to package directions and add coconut extract. Bake cake according to directions in a 9x13 cake pan.
Poke tons of holes with a toothpick on top of the cake. Slowly pour sweetened condensed milk and cream of coconut on top of cake while still hot. (Don't get nervous if it looks like a lot of liquid sitting on the sides. The cake will soak it all up!)
Once cake completely cooled, add gelatin and water to a small bowl. Microwave for 30 seconds. Gelatin should be completely dissolved, stir to combine once more and set aside.
In a stand mixer (or in a large bowl with a hand mixer), beat powdered sugar until it starts to look foamy. Add powdered sugar and vanilla extract and beat until soft peaks form.
Turn your mixer (or beaters) to low and slowly stream in the gelatin mixture. (If your gelatin has harden, microwave again for just a couple of seconds to loosen it.) Turn the beaters back to high and beat until stiff peaks form.
Frost cake with whipped cream and top with toasted shredded coconut. Store in the fridge until ready to serve!
COOL WHIP: If you would prefer, you can skip the stabilized whipped cream and use cool whip instead. You will need about 12 oz of cool whip to top the cake.MAKE AHEAD: You can make this cake up to 24 hours ahead! Just prep it fully and keep it in the fridge until you are ready to serve!