Preheat oven to 350° F (177° C). Grease two 8" cake pans.
In a large bowl, combine all ingredients. If using an electric mixer, reserve the fruit cocktail until everything is mixed, and then fold it into the batter.
Pour batter evenly into prepared pans.
Bake for a minimum of 30-35 minutes, until a toothpick inserted in 2-3 places comes out clean. If the top begins to brown too quickly, tent a sheet of foil over the top of the cakes for the last 10 minutes.
Allow to cool completely. While the cakes are cooling, prepare the coconut-pecan sauce.
In a small saucepan, combine all sauce ingredients and bring to boil. Remove from heat.
Serve the sauce on the side, or poke holes in the top of the cakes and pour over the top of the cakes.
ENJOY!
Notes
Some versions of this recipe retain all of the heavy syrup for the fruit cocktail -- I partially drained mine because I prefer more of a cake-like texture.
Don't remove the cake too early from the oven -- it needs at least 30 minutes, sometimes more -- and check for doneness in at least 2-3 places.