First, make the Vanilla Wafer Crust: Preheat the oven to 325 degrees. Using the food processor, grind the cookies into fine crumbs. Add the butter and pulse until well combined. Press this up the sides and on the bottom of a 9-inch round pie pan. Bake for 15 minutes. Also, spread the coconut flakes on a sheet pan and toast for five minutes. Cool the pie crust completely on a wire rack while you make your filling.
Next, make the Coconut Cream: In a three-quart saucepan whisk together the sugar, cornstarch, and salt. Slowly whisk in the milk. Then, whisk in the eggs. Whisking constantly, cook over low heat, until the mixture comes to a simmer. Cook for one minute. Remove it from the heat and add the butter, one cup of the toasted coconut and the coconut extract. Set aside to cool.
When the crust and the filling are at rooom temperature, pour the filling into the crust. Cover and chill for six hours or overnight.
Right before serving, in an electric mixer, beat the heavy cream, vanilla and sugar together, until it's whipped into stiff peaks.
Spread the whipped cream all over the top of the pie. Sprinkle on the rest of the toasted coconut.