Beat cream cheese until smooth. Beat in sugar. Gradually add milk and beat until smooth. Fold in coconut, cool whip and vanilla extract. Spoon into crust. Freeze until firm, about 4 hours. Garnish with toasted coconut if desired. Let stand at room temperature 15 minutes (or longer for a softer texture) before cutting. Store any leftover pie in freezer. Yield: One 9-inch pie.