Back when I was still a purist and still made my own coconut milk/cream, I'd take the power drill and make four holes in a square pattern roughly 2 cm apart and use a punch to make an opening (this is easy to do if it's in a vice). Then I'd drain the thing. Once emptied, I'd crack the shell with a hammer in a few places and bake it at 275 F for 3/4 of an hour or so. Then I separated the meat from the shell, put pieces of it in a blender and poured in a 1/2 litre or so of hot water, then strained everything through a jelly bag for coconut cream. For coconut milk, I'd repeat the process and add it to what I'd already strained, plus the contents of the coconut. The strained pulp went to the pigs or chickens.
It's more environmentally sound to buy coconut cream in cans, I think. While it does have to be transported from very far away, the product is ready to use and cheap as muck, compared to making one's own. I never did like coconut meat very much (except maybe in my mom's macaroons). I think coconuts are imported by the people who manufacture dental floss.