Mix coconut, graham cracker crumbs and margarine until well blended. Press firmly onto bottom and up side of 9-inch pie plate.
Bake 10 minutes; cool.
Add milk to dry pudding mix; stir 2 minutes or until well blended. Stir in sour cream until well blended. Gently stir in pineapple and marshmallows; spoon into crust.
Refrigerate at least 1 hour. Top with whipped topping and cherries just before serving. Store leftover pie in refrigerator.