Spread coconut evenly onto a baking sheet and toast in preheated oven 5 minutes, until golden brown. Remove and set aside.
In a medium bowl, mix together vanilla wafer crumbs and melted butter or margarine. Press firmly into bottom and sides of a 9 inch pie pan.
In a large mixing bowl, beat together cream cheese and coconut cream until fluffy. Mix in rum extract. Fold in whipped topping, pineapple, cherries, and nuts. Spread mixture into crust. Sprinkle with toasted coconut. Chill several hours before serving.
