Cut each cake layer in half horizontally to make a total of 4 layers.
In a medium bowl, stir together chocolate frosting and almond extract.
To assemble cake: Place 1 cake layer onto a cake stand or plate. Spread a quarter of the frosting evenly onto the bottom layer. Sprinkle with 1/4 cup of the coconut and 1/4 of the peanuts. Repeat with the remaining 3 layers of cake. Slice and serve.
Recipe courtesy of Sandra Lee, 2007