1Heat oven to 350°F. Place paper baking cup in each of 24 regular-size muffin cups. In large bowl, beat cake mix, buttermilk, melted butter, eggs and coconut extract with electric mixer on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Divide batter evenly among muffin cups.
2Bake 18 to 20 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes; remove from pans to cooling racks. Cool completely, about 30 minutes.
3Meanwhile, spread coconut in ungreased shallow pan. Bake 5 to 7 minutes, stirring occasionally, until golden brown. Cool. In large bowl, beat softened butter and cream cheese with electric mixer on medium speed until smooth. Gradually beat in powdered sugar until smooth. Beat in cream of coconut and vanilla until blended. Frost cupcakes. Sprinkle with coconut. Store covered in refrigerator.