Preheat oven to 350 degrees F (175 degrees C). Grease and flour a 9x13 inch pan.
In a large bowl, mix together the melted butter, flour, baking powder, baking soda, salt and sugar. Beat in the eggs and vanilla, then stir in the cola. Mix in the pecans, coconut, cherries and walnuts. Spread batter into the prepared pan.
Bake in preheated oven for 30 minutes, or until a toothpick inserted into the center of the cake comes out clean. Let cool in the pan for 10 minutes, then turn out onto a wire rack and cool completely.
In a medium bowl, mix together the powdered sugar and milk until smooth. Drizzle over the cooled cake.