Roast the coconut in a small nonstick skillet over medium-high heat 2-3 minutes until golden, stirring constantly. Immediately remove from skillet.
Heat oil in large nonstick skillet over medium-high heat. Add shrimp and red pepper flakes; stir-fry 3-4 minutes until shrimp are pink and opaque. Add cilantro; toss well and transfer to serving plates. Top each serving with 1 tablespoons toasted coconut and 1 tablespoons chopped peanuts. Garnish with lime wedges.