Preheat oven to 350 degrees F ( 175 degrees C). Grease and flour a 10 inch fluted or tube pan sprinkle 1/2 bag of flaked coconut evenly around the bottom and evenly place 1/2 jar well drained maraschino cherries.
In large mixing bowl, combine cake mix, pudding mix, 1/2 cup coconut creme, 1/2 cup rum, oil, and eggs. Beat with an electric mixer on medium speed for 2 minutes. Stir in pineapple, the remaining coconut and cherries. Pour into prepared pan.
Bake for 50 to 55 minutes. Cool 10 minutes. Remove from pan. Pour 1/2 glaze into the pan and return the cake to the pan. Slowly pour the remaining glaze over the cake and gently separate the cake from the sides of the pan by using a knife or spoon to allow the glaze to drizzle down the sides. Let cake sit in pan for about 30 minutes, then invert onto a plate and let cool. Cover cake and refrigerate overnight. Cake is very moist and all of the glaze is absorbed into the cake adding more flavor.