Combine gelatin and cold milk; set aside to soften.
Combine scalded milk and sugar in a large mixing bowl; stir until sugar dissolves. Add gelatin mixture to hot mixture, stirring until gelatin dissolves. Add salt. Cool to consistency of unbeaten egg whites. Stir in coconut and vanilla.
Beat whipping cream until soft peaks form. Fold whipped cream into cooled gelatin mixture. Pour into a lightly oiled 9- cup mold, and chill overnight.
Unmold onto a serving platter. Spoon into serving bowls, and serve with hot Caramel Sauce.