In blender, pulse vanilla wafers into crumbs. Add melted butter and pulse until combined. Press crumbs into bottom and up sides of greased 9 1/2-inch deep-dish pie plate. Refrigerate 30 minutes.

In large bowl, beat whipping cream until it thickens. Add confectioners’ sugar and 1 tablespoon lime juice; beat until stiff peaks form. Remove 1 cup; set aside.

In separate large bowl, beat cream cheese until smooth. Add sweetened condensed milk and coconut extract; beat until blended. Add remaining lime juice and shredded coconut; stir until combined. Add reserved whipped cream. Stir until combined. Pour into crust.

Refrigerate 4 hours.

Before serving, garnish with toasted coconut, lime zest and maraschino cherries.