With a hand or stand mixer, beat the cream cheese, powdered sugar and coconut extract until well blended. Start on low speed and increase speed to medium-high.
Turn off the mixer. Add the crushed pineapple and cherries and stir the fruit into the cream cheese mixture by hand until well combined.
Place the cheese ball mixture in the center of some plastic wrap. Gather the wrap around the cream cheese and fruit mixture and twist to seal, making a ball shape. Refrigerate overnight.
When ready to serve, coat the outside of the cheese ball with the sparkly sprinkles.
Serve the cheese ball with cookies and/or apple slices. I used Pepperidge Farm brand Butter Rum Cookies.