Place coconut and butter in a 9-inch pie plate. Mix well with a fork and pat evenly against bottom and sides of pie plate. Chill while preparing filling.
Place ice cream in a chilled large mixer bowl. Add cream of coconut and coconut flavor. With chilled beaters, beat at low speed until well blended but not melted. Stir in chips. Mound in coconut crust. Cover and freeze at least 2 hours or until firm.
Can be served straight from the freezer, or uncover and place in refrigerator 15 minutes before serving.