Preheat the oven to 300 degrees F. Spread the coconut in an even layer onto a small baking sheet and toast, stirring a few times, until lightly golden brown, about 10 minutes. Remove and let cool.
Sprinkle the gelatin over a 1/4 cup of cold water and let sit until softened, about 5 minutes. Bring the second 1/4 cup of water to a boil, add the softened gelatin and stir until dissolved. Remove from the heat, and let cool slightly, about 5 minutes.
Put the heavy cream in the bowl of a stand mixer fitted with the whip attachment, add the sugar and whip until soft peaks form. Add the coconut milk, FAGE Total, vanilla, lime zest, lime juice, and dissolved gelatin and continue whipping until thickened and light.
Scrape the mixture into an 8-inch baking dish, sprinkle the toasted coconut evenly over the top. Cover with aluminum foil and freeze until the mixture is slightly firm, about 3 hours.
If desired, top off the Toasted Coconut-Lime and FAGE Total Semifreddo with chocolate shavings and a drizzle of chocolate sauce.
Now serving your FAGE Total Plain Kitchen winners! Check out the winning recipes on the official Fall 2012 FAGE Total Plain Kitchen menu or learn how to cook FAGE Total-inspired dishes from master chef Bobby Flay, and make every meal a little more extraordinary.