1 cup canned evaporated milk
1 cup sugar
3 egg yolks, slightly mixed with a whisk
1⁄2 cup butter (real butter)
1 teaspoon vanilla
1 1⁄2 cups coconut
1 cup chopped pecans
Put butter in a sauce pan and let it melt.
Add milk, sugar, vanilla and whisk in egg yolks.
Cook and stir over medium heat until mixture starts to bubble and then cook for about nine (9) minutes stirring constantly.
Pour over coconut and pecans and mix.
I usually put the nuts and coconut in a metal bowl and then poor the hot mixture over them to help with cooling.
If you are in a hurry, put the mixture in the refrigerator stirring occasionally until it is cool and thick enough to ice your cake.
I find that box cakes are just fine for this.
Source : allrecipes.com