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This step is optional but toasting the coconut gives it a much better flavor and only takes 5 minutes! Preheat oven to 350 degrees F (175 degrees C
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Spread coconut evenly onto a baking sheet and toast in preheated oven 5 minutes, until golden brown. Remove and set aside.
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In a medium bowl, mix together graham cracker crumbs or vanilla wafer crumbs and melted butter or margarine. Press firmly into bottom and sides of a 9 inch pie pan.
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In a large mixing bowl, beat together cream cheese and coconut cream until fluffy. Mix in rum extract.
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Fold in whipped topping, pineapple, cherries, and nuts.
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Spread mixture into crust. Sprinkle with toasted coconut.
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Chill several hours before serving. Making sure the pie is set up enough to cut cleanly.
