For the Cupcakes-

1. Adjust rack to middle position and preheat oven to 325 degrees F. Line cupcake tins with cupcake liners. (Use paper or foil liners.Both worked well, but I like how the foil liners bake.)
2. Whisk egg and egg whites together in a medium bowl. Add cream of coconut (make sure you have stirred it really well first!), water, vanilla, and coconut extract and whisk until all ingredients are thoroughly combined.
3. Using a stand mixer fitted with the paddle attachment mix flour, sugar, baking powder, and salt on low speed until combined. Add butter, 1 piece at a time, and mix for about 1 minute, until only pea-sized bits of butter remain. Add half of the egg mixture and beat on medium-high speed for about 1 minute until light and fluffy. Reduce speed to medium-low, add remaining egg mixture, and beat until incorporated, about 30 seconds. Scrape down bowl and give a final stir by-hand to make sure batter is of uniform consistency.
4. Using an ice cream scoop, divide batter into prepared cupcake pans. Bake until toothpick inserted in middle of a cupcake comes out clean, about 18-20 minutes. Do not turn off the oven yet.
5. Allow cupcakes to cool in the pans for only about 5 minutes, then remove to a wire rack to continue cooling.
6. Spread shredded coconut on a rimmed baking sheet or a piece of aluminum foil, and toast until coconut is a mixture or golden brown and white, about 12-18 minutes. Keep a close eye on it, it will all of a sudden begin browning quickly, and you'll burn it if you're not careful. Allow toasted coconut to cool to room temperature.

For the Coconut Buttercream-

1. Combine egg whites, sugar, and pinch of salt in a double boiler set over simmering water. Whisk constantly until mixture is opaque with a milky appearance and warm to the touch (120 degrees), 2-4 minutes.
2. Using a stand mixer fitted with the whisk attachment, beat the egg mixture on high speed until it is glossy, and barely warm, about 7 minutes. Reduce speed to medium-high and whip in butter, 1 piece at a time, waiting a few seconds between additions. Add cream of coconut, coconut extract, and vanilla. Scrape down bowl, then beat at medium-high speed for 1 more minute.
3. Using a piping bag with a large tip, or an ice-cream scoop (if you're going for the snowball look) frost the cupcakes with the coconut buttercream, then top the buttercream with the toasted coconut. It works well to spread the coconut in a wide,shallow bowl and turn the frosted cupcake upside-down and gently roll around in the coconut, or just sprinkle it on top.
4. Enjoy!