Step 1: Prepare the Coconut - Use a corkscrew or a sharp knife to puncture the coconut and drain the water. Slice the coconut in half and scoop out the meat, chopping it into small pieces.

Step 2: Blend Ingredients - In a blender, combine the chopped coconut flesh, coconut water, and 4 cups of water. Add the sweetened condensed milk, evaporated milk, and vanilla extract. Blend on high for 1-2 minutes until smooth.

Step 3: Strain Mixture - Pour half of the blended mixture through a fine mesh strainer into a pitcher. Reserve some solid coconut for texture if desired.

Step 4: Combine and Serve - Stir in the remaining 4 cups of water. Serve over ice and garnish if desired.