2 baked pastry shells (graham cracker crust works well)
1/4 c. butter or margarine
1 1/3 c. flaked coconut
1/2 c. chopped pecans
1 (8 oz.) cream cheese, softened
1 (14 oz.) can sweetened condensed milk
1 (16 oz.) carton frozen whipped dessert topping, thawed
1 (12 oz.) jar caramel ice cream topping

Prepare pastry shells. In large skillet, melt butter or margarine; stir in coconut and pecans. Cook and stir over medium heat until coconut is golden, about 6 to 8 minutes. Cool. In large mixing bowl, beat cream cheese with an electric mixer until smooth; gradually beat in sweetened condensed milk on low speed. Fold in whipped topping. Spoon in 1/4 of the mixture into each pastry shell; drizzle each with 1/4 of the caramel topping and sprinkle with 1/4 of the coconut mixture. Repeat layers. Cover and freeze 5 hours or until firm. Serve or freeze, covered, for up to 2 weeks. Let stand at room temperature 5 minutes before serving, if frozen.