Mahalo has a great page on fondant as well as a great coconut cake recipe, if you decide to go that route. http://www.mahalo.com/how-to-make-fondant http://www.mahalo.com/how-to-make-coconut-cake

From "Professional Baking" by Wayne Gisslen.

Fondant:
Fondant is a sugar syrup that is crystallized to a smooth, creamy, white mass. It is familiar as the icing for napoleons, eclairs, petit fours, and some cakes. When applied it sets up into a shiny, non-sticky coating.
Because it is difficult to make in the bakeshop, fondant is almost always purchased already prepared, either in the ready to use moist form or in the dry form which requires only the addition of water. In an emergency, flat icing can be substituted for fondant but it will not perform as well.
For those who wish to try making fondant in the bakeshop, a recipe is included here. The purpose of the glucose or the cream of tartar in the recipe is to invert some of the sugar in order to get the right amount of crystallization. If none is used, the syrup will set up to be too unworkable, and it will not be smooth and white. When an excess of glucose or cream of tartar is added, not enough crystallization will take place and the fondant will be too soft and syrupy. Also, if the hot syrup is disturbed before it cools sufficiently large crystals will form and the fondant will not be smooth and shiny.

Fondant Recipe:

6# Sugar
1# 8oz Water
1# 2oz Glucose or .5 oz Cream of Tartar

1. Clean a marble slab well and moisten it with water. Set four steel bars in the shape of a square to hold the hot syrup in place when it is poured onto the marble.

2. Combine the sugar and water in a heavy kettle and heat to dissolve the sugar. Boil until the temperature reaches 225 degress F.

3. If glucose is used warm it. If cream of tartar is used disperse it in a little water. Add the glucose or cream of tartar to the boiling syrup.

4. Continue to boil the syrup until it reaches 240 degrees F.

5. Pour the boiling syrup onto the marble slab and sprinkle it with a little cold water to prevent crystallization.

6. Let the syrup cool undisturbed to about 110 degrees F.

7. Remove the steel bars and work the sugar with a steel scraper, turning it from outside to the center. It will turn white and begin to solidify.

8. Continue to work the fondant either by hand or by putting it in a mixing bowl and working it slowly with a paddle attachment until it is smooth and creamy.

9. Keep the fondant in a tightly covered container.

The above is a great recipe but it is definitely not written for the home. You can easily modify it for yourself. You can use a metal sheet tray instead of marble, its not quite as good but you can so it. If your really in a pinch you can setup an ice bath and when the syrup is ready place the bottom of the pan in the bath start cooling it off quickly. Once the syrup is cooled pour it off into a kitchen aid mixer with a paddle and mix until creamy. It's not ideal, better to follow the instructions, but you can make it happen!!! Good luck it is worth the trouble once you get it to come out just right :)

Ingredients:
2 cups granulated sugar
1/2 cup water
2 tbsp light corn syrup
Preparation:
1. Prepare your workstation by setting a large baking sheet on a sturdy counter or table top, and sprinkling it lightly with water.

2. Combine the sugar, water, and corn syrup in a medium saucepan over medium-high heat. Stir until the sugar dissolves, then cover the pan and allow the sugar syrup to boil for 2-3 minutes.

3. Remove the lid, and continue to cook the syrup, without stirring, until it reaches 240 degrees.

4. Pour the sugar syrup onto the prepared baking sheet. Allow it to sit at room temperature for several minutes. After 2-3 minutes, lightly touch the syrup with a fingertip. When it is warm but not hot, it is ready to be worked.

5. Dampen a metal spatula or dough scraper with water, and use the scraper to push the syrup into a pile in the middle of the sheet.

6. Using a dampened plastic spatula or wooden spoon, begin to “cream,” or work, the fondant in a figure-8 pattern. Continually scrape the fondant into the center, draw a figure-8, then scrape it together again. At first the fondant will be very clear and fluid, but it will gradually become more opaque and creamy. After 5-10 minutes, the fondant will become very stiff, crumbly, and hard to manipulate.

7. Once the fondant reaches this state, moisten your hands and begin kneading it into a ball like bread dough. As you knead, the fondant will begin to come together and will get softer and smoother. Stop kneading once your fondant is a smooth ball without lumps.

8. At this point, your fondant can be used for melting and pouring. If you want to make flavored fondant candies, it is best to “ripen” your fondant for at least 12 hours to obtain the best flavor and texture. To ripen the fondant, place it in an airtight plastic container, press plastic wrap directly onto the surface of the fondant, and seal the lid on tightly. Ripen the fondant at room temperature, or if it is hot, in the refrigerator. After ripening, the fondant can be flavored, rolled, and shaped in whatever manner you wish. If it is stiff, you can always knead it by hand on a surface dusted with powdered sugar, until it is easy to manage. This recipe produces about 3/4 lb fondant.