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Preheat the oven to 325F.
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Make the caramel: Cook the sugar in a small heavy saucepan over low heat, swirling the pan constantly, until brown.
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Stir the hot water into the caramel, being careful to guard against splattering (the mixture will bubble vigorously).
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Boil the mixture, swirling the pan occasionally, until the sugar is thoroughly dissolved, about 2 minutes.
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Pour the caramel syrup into a 1-quart souffle dish or five 4-ounce ramekins.
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Tilt the molds to coat all of the surfaces with caramel.
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Make the custard: Combine the coconut milk, milk and sugar in a medium saucepan over low heat.
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Scald until the sugar dissolves completely.
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Remove from heat.
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In a large bowl, whisk the eggs and vanilla.
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Gradually whisk the hot coconut milk mixture into the eggs, blending thoroughly.
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Strain the custard through a fine sieve into a bowl.
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Carefully pour into the caramel-lined souffle dish or ramekins.
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Line a large roasting pan with 2 layers of paper towels (see Note).
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Put the souffle dish in the roasting pan and add hot water to reach halfway up the side of the dish.
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Bake in the center of the oven for 50 minutes (30 minutes if using ramekins), or until a knife inserted in the center comes out clean.
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Be careful not to let the water boil; do not disturb the custard while baking.
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This is the only"secret" to producing a smooth and velvety custard.
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Remove the souffle dish immediately from the hot water.
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Allow to cool in a cold-water bath.
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Chill thoroughly.
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To serve, run a knife around the edge of the custard and turn out onto dessert plates.
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Serve with whipped cream, if desired.
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Note: The paper towels in the roasting pan serve a twofold purpose: First, they allow the hot water to circulate under the souffle dish while baking to distribute the heat evenly; second, if using small ramekins, it stabilizes them and keeps them from moving around while baking.