Despite being the defending champion, the 38-year-old Argentine has been limited to just two events this season due to a broken arm he suffered while playing soccer with friends back home in December.
Coceres made his 2002 debut two weeks ago at the BellSouth Classic, where he shot 73-73 to miss the cut. He then repeated that performance at the Masters Tournament with scores of 74-79.
A year ago at this event, the tour rookie became the first Argentine to win on tour since Roberto De Vicenzo at the 1968 Houston Open ' it took five extra holes and an extra day to do so, however.
Coceres made a four-foot par putt to tie Billy Mayfair at 11-under-par 273. The two played a pair of extra holes Sunday before darkness postponed the playoff until Monday morning.
Coceres had a chance to end the event on the first hole Monday, but missed a three-foot par putt. Mayfair then blew his opportunity to win on hole No. 2.
The five-time tour winner, who defeated Tiger Woods in a playoff to capture the 1998 Nissan Open, hit a 4-iron to 15 feet on the par-3 17th, but missed the straight birdie putt. Coceres rolled home a 12-footer for par to extend play.
On the third hole of the day ' the fifth of the playoff ' Mayfair missed a six-foot par save on the par-4 18th, while Coceres converted his from a foot closer.
Coceres punched the air and held up a hand-made sign that said, For my family and my friends and for all the Argentineans, a million thanks.
Coceres went on to earn a second title at the Walt Disney World Resort Golf Classic. The two triumphs were his only top-10 finishes of the season.
A handful of top-ranked players are making the trip across state lines from Augusta, Ga.
Ernie Els, Sergio Garcia, Jim Fuyrk, Brad Faxon, John Daly, Davis Love III, Phil Mickelson, Greg Norman, Jesper Parnevik, Charles Howell III and Nick Price are all scheduled to vie for the $720,000 first-place check.
Click to find out more on the top-name contenders
Full field and tee times for the WorldCom Classic