Combine oats and water; set aside and let stand.
Cream butter and sugars; add eggs and vanilla.
Slowly add dry ingredients and mix together.
Add oatmeal; mix well and pour into a greased serving table aluminum pan (~21”x13”).
Bake at 350 degrees for 30 minutes. Ice while hot.
Combine margarine, sugar and milk in sauce pan.
Bring to a boil for 1 minute.
Add nuts and coconut.
Pour over hot cake.