Cream butter and Crisco, add sugar. Beat until smooth. Add egg yolks and beat well. Combine flour and soda alternately with buttermilk. Stir in vanilla. Add coconut and nuts. Fold in egg whites.
Pour into 3 pans (9 inch size) that have been greased and floured. Bake 25 minutes on 350 degrees. Ice cake with Italian Cream Cheese icing.
FROSTING:
Beat cream cheese until smooth. Add sugar and mix well. Add vanilla. Beat until smooth. Spread on layers. Sprinkle top and sides with nuts.