Spread coconut on shallow baking sheet and toast in 325 degrees oven until golden, stirring often.
This will take about 10 minutes.
Cool.
Heat light cream and sugar in a saucepan, stirring until sugar is dissolved.
Cool.
Stir in vanilla.
Pour into a shallow metal pan and freeze until just firm.
Chill a large bowl and beaters while cream mixture is freezing.
Beat whipping cream in another bowl until firm peaks form just before light cream mixture is frozen.
Put frozen mixture into chilled bowl and beat until fluffy and smooth (work quickly so it doesn't melt).
Fold in whipped cream and coconut quickly and return to metal pan to freeze until firm.
Stir several times while it is freezing.
Pack into cartons and keep frozen if you are making it several days before serving.