Heavily grease or spray a 13x9 pan with non stick spray.
Make cake according to box directions.
Allow cake to cool for about 5 minutes.
Using a skewer, poke small holes all over the cake, piercing all the way to bottom.
In a bowl, combine 1 package of Jell-O and 1/2 cup boiling water and stir until gelatin is completely dissolved.
Add 1/2 cup cold water, mix well and slowly pour this mixture over the entire cake.
Chill for 30 minutes.
Spread whipped topping over cake.
Place 1 cup of coconut in a medium bowl.
Use a spoon to mix while adding red food coloring. Allow to dry for about 30 minutes.
Sprinkle red and white coconut evenly over cake.
Cover and refrigerate for several hours.