Combine first 3 ingredients in a heavy saucepan. Combine milk and eggs; gradually add to sugar mixture. Bring to a boil over medium heat; cook 1 minute or until thick, stirring constantly with a whisk. Remove from heat; stir in cream of coconut and extracts. Pour filling into pie crust. Cover with plastic wrap, and chill until firm (about 2 hours).
To prepare meringue, combine 1 cup sugar and water in a small saucepan; bring to a boil. Cook, without stirring, until candy thermometer registers 240°. Beat egg whites and cream of tartar at high speed of a mixer until foamy. Pour hot sugar syrup in a thin stream over egg white mixture, beating at high speed until stiff peaks form. Remove plastic wrap from filling. Spread the meringue evenly over filling, sealing to edge of crust.
Preheat oven to 350°.
Bake at 350° for 15 minutes or until lightly browned; cool on a wire rack. Chill until set.
Banana Cream Pie Variation: Prepare recipe as directed above, but omit the cream of coconut and coconut extract in the filling. Arrange 1 cup sliced banana in bottom of crust; pour filling over bananas, and top with meringue.