Yes, there is a difference between coconut cream, coconut milk, and coconut water.  Coconut cream and coconut milk are made by simmering shredded coconut meat in water and then straining out the coconut solids. The liquid is set to the side to separate. The coconut cream will be a semi-solid liquid at the top once if it is separated and can be scraped off and used. The coconut milk is the next layer of liquid when separated.  Coconut water is found in the center of a young coconut and differs from coconut cream and milk because it does not have a fat content.