In a large mixer bowl add the cake mix, vanilla pudding, water, eggs and oil. With electric mixer, beat for 2 minutes at medium speed. Fold in the chopped nuts and coconut.
Pour the batter into a 9 x 13 inch pan that has been sprayed with non-stick cooking spray or lightly greased and floured. Bake for 45 minutes or until toothpick inserted off center comes out clean. Cool completely before frosting.
In a medium sized mixer bowl, blend the butter and cream cheese. Add the confectioners' sugar and enough cream to make it a smooth spreading consistency. Frost cake with frosting and sprinkle with coconut.
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