Preheat oven and prepare the cake according to package directions. Pour the batter in a 9×13 pan and bake for the allotted time on the package.
Remove the cake from the oven and allow to cool. Once cooled, use the handle of a wooden spoon to poke holes in the cake every inch or so, only pressing down halfway.
Combine raspberry gelatin and hot water until dissolved. Pour evenly over the cake, filling in the holes.
In a small bowl, microwave raspberry preserves until easy to spread, about 30 seconds. Pour on top of the cake and spread evenly.
Top with Cool Whip and shredded coconut. Refrigerate for at least 4 hours before serving.
