Preheat oven to 350°F (175°C) and line a 12-cup muffin tin with cupcake liners.
In a bowl, whisk together flour, baking powder, baking soda, and salt.
In another bowl, cream butter and sugar until light and fluffy.
Beat in eggs, one at a time, then stir in vanilla and coconut extracts.
Mix in crushed pineapple and sour cream until well combined.
Gradually fold in dry ingredients and shredded coconut until just combined.
Divide batter evenly among cupcake liners and bake 18-20 minutes or until a toothpick comes out clean.
Let cupcakes cool completely before frosting.
For frosting, beat butter until creamy, gradually add powdered sugar, then mix in coconut cream and rum.
Pipe frosting onto cooled cupcakes and garnish with pineapple slices and cherries.