Prepare a cake pan by lining it with wax paper. Do not preheat the oven; these lime balls are not baked.
Sprinkle the confectioners' sugar on top of the softened butter in a large mixing bowl and mix it all up. You can do this by hand or by using your electric mixer.
Add thawed limeade and mix in thoroughly. Add the lime juice and mix inches Add the green food coloring, if you decode to use it, and mix that in thoroughly.
Crush the vanilla wafers using a food processor or by putting them in a plastic freezer bag and crushing them with a rolling pin. Add the crushed wafers to your bowl and mix them inches.
Place the coconut in the food processor and chop it up even finer. Transfer to a medium-sized bowl.
Using clean hands, form balls from the mixture that are about the size of bonbons. A 2-teaspoon scooper makes the perfect size.
When you've finished forming each ball, roll it in the bowl of coconut to oat it, and then place it in the cake pan.
When you've finished forming and coating all your lime balls and placing them in the cake pan, cover them with another sheet of wax paper and refrigerate them for 2-3 hours before serving. If you are making them several days ahead of time, over the cake pan with a sheet of aluminum foil and secure it tightly. Keep pan in the refrigerator until you're ready to use.
If you're giving these as gifts, place each ball in a paper mini-muffin cup and place in candy boxes. Remember to tell the recipient to keep them refrigerated.