Coconut Water and Coconut Milk are different. Coconut water (known as endosperm) is carefully extracted from "young" (still green coconuts) This water-like liquid is fat free and low in calories, but is a good source of potassium and other nutrients.
Coconut milk is made by pureeing a mixture of coconut meat and coconut water, then straining it to remove some of the fat. A second straining will yield a lower fat coconut milk.
Coconut cream is made in the same way as coconut milk, but it is made with a higher ratio of coconut to water. This should not be confused with cream of coconut which is the creamy liquid often added to pina coladas (and various other drinks and dishes). Though it starts out as coconut cream, sugars and stabilizers are added to give it an especially creamy consistency and to make it more palate-pleasing in drinks and desserts.
What do each look like and their respective nutritional value/use?
Coconut Water: If the liquid is clear and has the consistency of water then it is coconut water and is good to drink as a healthy beverage and is 99% fat free.
Coconut Milk: If the liquid is white and has the consistency of thick, cows, milk then it is coconut milk and is good to use in tropical drinks and to replace milk in recipes. It is high in fat although some companies offer a "lite" version.
Coconut Cream: If the liquid is white and almost solid with the consistency of whipped butter then it is coconut cream and can be used to make coconut oil, as a replacement for butter or eaten as a spread.
(great oil substitute for cooking too)
Here is a list of best Coconut Water products:
Zico: http://www.zico.com/ (I get this drink for the kids lunch boxes) Great taste!
Amy and Brian Coconut Juice: http://amyandbriannaturals.com/ (although sold as coconut juice, it is really coconut water) - Tastes good. The pulp-free version has a slightly sweeter taste than other brands
Harvest Bay: http://www.harvest-bay.com/productlist.aspx?catid=Coconut+Water Great taste for the pure coconut water. There are other one with mixed fruits
O.N.E. http://www.onenaturalexperience.com/ similar in taste as ZICO
Vita Coco: http://www.vitacoco.com/ contains a little more of potassium and fewer sugars than other brands