Remove the plastic lid from the graham cracker crust and place it, still in the metal tray, on a large plate. Set aside.
In a skillet over medium-high heat, toast the shredded coconut for 3-4 minutes, stirring constantly until golden brown. Remove from heat and let cool on a plate.
In a large bowl, whisk together the coconut cream pudding, cold milk, and coconut extract for about 2 minutes until it thickens slightly.
Add half of the Cool Whip (4 ounces) into the pudding mixture. Gently fold it until smooth and fully combined.
Transfer the pudding mixture into the graham cracker crust, smoothing the top evenly with a spoon or spatula.
Spread the remaining 4 ounces of Cool Whip over the pie filling and smooth it out.
Sprinkle the cooled toasted coconut over the top. Refrigerate for at least 6 hours, or overnight, before serving.