Preheat the oven to 350 F. Spray a 9x13 pan with nonstick spray

In a mixing bowl, add the flour, baking soda, sugar, eggs, vanilla, and fruit cocktail with the syrup.

Combine and pour into the prepared baking pan.

Bake for 35 minutes or until a toothpick inserted into the center comes out clean.

Remove from the oven and set aside.

While the cake is baking, prepare the frosting.

In a medium saucepan, combine the evaporated milk, sugar, butter, and vanilla.

Over medium heat, melt the butter and heat until most of the sugar is dissolved.

Stir in the coconut and pecans. Bring to a boil and boil for 1 - 2 minutes.

Remove from the heat.

With a large handled spoon, use the handle to poke holes in the cake.

Gently pour the hot frosting over the cake.

Spread the frosting into an even layer.

Let cool. Cut and serve. Top with whipped cream and a maraschino cherry.