I made a coconut "buttercream" by blending a stick of margarine, 1 pound box of powdered sugar, about 1/4 cup coconut milk, dash salt and more coconut extract.
The cake is simply out of this world.
I think I've just about eaten myself sick, it's so good. It's not very healthy but hey, it's cake. It stands on its own quite nicely, but the frosting really sets it off. I'm not a big fan of the dry shredded coconut texture, and you don't get that in this cake. If you like it, by all means sprinkle some on top of the frosting. But go, go forth and make you one. :D