Key Lime Coconut Snowballs

5 cups sweetened, shredded coconut, divided
1 (14 ounce) can sweetened condensed milk (regular, low-fat or fat-free)
1/3 cup light corn syrup
1 tablespoon vanilla extract
2 tablespoons lime juice
1 teaspoon grated lime rind
1/2 cup graham cracker crumbs
1 pound confectioners' sugar

Heat the oven to 350 degrees F.

Spread 2 cups of the coconut on a baking sheet and place in the preheated oven for 5 to 7 minutes, or until lightly toasted. Toss the coconut once or twice during backing to ensure even browning. Be careful not to let it burn. Transfer the coconut to a bowl to cool completely.

In a large mixing bowl, combine the remaining 3 cups coconut, sweetened condensed milk, corn syrup, vanilla extract, lime juice, lime rind and graham crackers. Beat by hand or with an electric mixer until well blended. Slowly add the confectioners' sugar and beat for 2 more minutes. Place in the refrigerator until cold.

With your hands, form the chilled mixture into 1-inch balls. Roll each one in the toasted coconut. Make sure each ball is generously coated. Place them on a large platter in the freezer for at least 1 hour before serving.