Preheat oven and prepare white cake batter according to package directions. Pour into greased 9x13 pan and bake until toothpick comes out clean. Cool completely.
Use wooden spoon handle to poke holes all over cooled cake, about 1 inch apart, pressing halfway down.
Dissolve raspberry gelatin in 2 cups hot water, stirring until clear. Pour slowly over cake, filling all holes.
Microwave raspberry preserves for 30 seconds until spreadable. Spread evenly over cake.
Spread Cool Whip gently over preserves layer. Sprinkle shredded coconut on top.
Refrigerate at least 4 hours or overnight before serving. Slice and enjoy.