Coconut water is a hip new drink that is made from the liquid inside coconuts. Drink it, but don't cook with it.
Coconut milk beverage is a sweetened drink made from coconut milk and sugar. It's usually sold in boxes alongside soy milk.
Coconut cream is a very thick, fatty liquid made from steeping shredded coconut in hot water at a 4:1 ratio. It is sold in cans, usually in the international aisle.
Sweetened cream of coconut is coconut cream that has been (are you ready?) sweetened. It's intended for cocktails. Pina colada anyone?
Coconut milk is the real deal and the one you want for cooking. Coconut milk is made like coconut cream, but with a 1:1 ratio of coconut to water. The result is a thick, pourable product sold in cans in the international aisle.
In Southeast Asia, Africa and even South America, coconut milk is used in curries, soups (like Thai chicken and coconut), sauces, even sweets, such as rice puddings and some baked goods. In the U.S., we see it most often in curries, cream pies and puddings.
While it isn't hard to make your own (simmer shredded coconut in water, then drain), let's face it, none of us is going to do that.
Canned coconut milk is widely available and inexpensive. But you will need to stir or shake it. The fatty "cream" will rise to the top of the can over time, creating a dense layer that needs to be mixed back into the watery liquid below.
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