STIR boiling water into dry gelatin in large bowl at least 2 minutes until completely dissolved. Stir in cold water. Add fruit cocktail; mix well. Refrigerate 1-1/4 hours or until slightly thickened (consistency of unbeaten egg whites).

MIX graham crumbs, butter, coconut and 1/4 cup of the sugar in 13x9-inch pan. Press firmly onto bottom of pan. Refrigerate until ready to use.

BEAT cream cheese, remaining 1/4 cup sugar and the milk in large bowl with wire whisk until well blended. Gently stir in 2 cups of the whipped topping and the pineapple. Spread evenly over crust. Spoon gelatin mixture over cream cheese layer. Refrigerate 4 hours or until firm. Cut into 20 squares to serve. Serve topped with the remaining whipped topping. Store leftover dessert in refrigerator.