Heat oven to 375 degrees, and place paper baking cup in 24 regular size muffin cups.
In a large bowl, beat the first 6 ingredients listed with electric mixer on low speed for 30 seconds. Then beat on medium speed for 2 minutes, scraping bowl occasionally.
Divide batter evenly into the 24 muffin cups.
Bake 18-24 minutes or until toothpick inserted in center comes out clean.
Cool for 10 minutes, and remove from pan to a wire rack. Then cool for 30 minutes.
Stir coconut extract and rum extract into frosting, and spread on cupcakes.
Dip tops of frosted cupcakes in coconut.
Store loosely covered at room temperature.
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