Coconut milk is the liquid that comes mixing equal amounts (1:1 ratio) shredded fresh coconut meat with water, then squeezing it through a sieve or cheesecloth. The opacity and rich taste of coconut milk are due to its high oil content, most of which is saturated fat.
Coconut milk is the basis for most Thai curries.
Coconut cream, like coconut milk is mixed with water, but at a much different ratio. Where coconut milk is equal parts water and coconut shreds, coconut cream is made by simmering 4 parts coconut shreds with one part water, then forcing it through a sieve or cheesecloth. The result is a much thicker product.