Preheat oven to 325 degrees F (165 degrees C). Grease and flour a 10 inch fluted tube pan such as a Bundt(R). Mix together the coconut and ground pecans; set aside.
In a large bowl, cream together the butter and sugar until light and fluffy. Beat in the eggs one at a time. Beat in the crushed wafers alternately with the milk. Mix in the coconut and ground pecans. Pour batter into prepared pan.
Bake in the preheated oven for 60 minutes, or until a toothpick inserted into the center of the cake comes out clean. Allow to cool.
