Heat oven to 400 degrees F. Prick the bottom and sides of the pie crust and bake 10 minutes. Remove from the oven, and reduce the oven temperature to 350 degrees F.
In blender or food processor combine coconut milk, sweetened condensed milk, eggs, water, & vanilla. Process for 1 minute or until blended.
Add coconut and process 30 seconds.
Pour the mix into partially baked pie crust.
Bake for 50 minutes or until knife inserted in the center comes out clean.
Cool to touch, and then refrigerate for 2 hours before serving.