Preheat oven to 300 degrees F (175 degrees C). Grease and flour a bundt pan.

Cream butter or margarine; add sugar, and beat until smooth. Add eggs, one at a time, beating well after each addition. Stir in crushed vanilla wafers alternately with milk. Add coconut and pecans, and mix until blended. Pour batter into prepared pan.

Bake for 1 1/2 hours. Cool.