Scoop ice cream into 8 small balls, immedaitely roll in coconut. Place on waxed paper-lined baking sheets; freeze until ready to use. Whisk cocoa into milk in a large suacepan. stir in rum, if desired, cream of coconut and coconut extract.Bring to simmer over medium-high heat. Pour into 8 large heatproof mugs. Float ice cream balls in cocoa. If desired, drizzle ice cream ball with chocolate sauce and top with a cherry.Makes 8.