Mix oatmeal and water and let stand 20 minutes. Add sugars and butter, then remaining ingredients. Mix well. Bake in greased and floured 9 X 13" pan at 350 degrees for 30 minutes or until tests done with toothpick.
Topping: Mix 1/4 C Carnation Evaporated milk, 6 T Land O Lakes Butter, 1/2 C brown sugar, 1 tsp vanilla and 1 C Bakers' Coconut. Spread on warm cake; brown under broiler.