Whisk coconut milk and water together in a medium nonstick sauce pan or rice cooker
Add rice and stir to combine
*If using rice cooker, place lid on and cook until rice cooker has indicated that it is done*
Put lid on saucepan and bring to a boil over medium high heat.
Reduce heat to medium low and slightly offset lid so that steam can be released while cooking, and to prevent boil-over.
Cook for about 15 minutes, or until most of the liquid has been absorbed.
Fluff rice, and test to make sure doneness. The rice should be tender, if it is still not quite cooked completely, return lid to an offset and cook an additional 3-5 minutes, or until done.
Serve hot with your favorite main course!