Coconut milk is a milky white liquid made from steeping grated fresh coconut meat in either warm milk or water. This infusion carries both fat and flavor, and slightly thickens coconut milk. Coconut milk is usually found canned, and is common in Caribbean, Asian and African cooking.
Coconut milk is around 17% fat, which will rise to the top of the can, forming coconut cream. In cooking, this solidified fat is generally shaken back into to the coconut milk.
Coconut milk can be sweetened to make cream of coconut, one of the ingredients in the Piña Colada.