Place butter in a medium skillet and melt over medium heat. Add coconut and pecans, stirring to coat. Saute until coconut and pecans are lightly toasted, about 5 minutes. Set aside.
In a large mixing bowl, whip together condensed milk and cream cheese until fluffy. Fold in whipped topping. Spoon 1/4 of cream cheese mixture into each graham cracker crust. Drizzle each with 1/4 of caramel topping. Repeat layers with remaining cream cheese mixture and caramel. Top each pie with coconut and pecan mixture. Freeze overnight.
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