In a sauce pan over medium high heat mix the milk with the heavy cream, the brown sugar and the vanilla and coconut extract. Add the coconut and slowly incorporate the cornstarch.
Bring to a boil and let it simmer for 1 minute stirring constantly.
Remove from the heat and swirl in the caramel.
Pour into glasses, top with the chocolate chips, the cookies, rolled wafers and meringue cookies and refrigerate for 2 hours or overnight.