1 baked 9-inch pie shell
1 cup flaked coconut
1/4 cup chopped pecans
1/8 cup butter
1/2 cup + 1/8 cup sweetened condensed milk
4 oz cream cheese, softened
8-oz whipped topping
1/2 (12-oz size) jar caramel ice cream topping
Melt the butter over medium heat in a skillet; add coconut and pecans and saute until lightly browned. Set aside.
In a mixer bowl combine the sweetened condensed milk with the cream cheese; beat until smooth. Fold in the whipped topping.
Spread half the cream cheese mixture into the baked pie shell and layer with half the caramel topping. Top with half the pecan and coconut mixture; repeat the layers.
Freeze pie until firm. Remove from freezer and let stand for 10 minutes before cutting to serve.