Jon and I have recently discovered that coconut milk can be the perfect substitute for almost anything requiring "milk" or "heavy cream."
To replace milk, use light coconut milk.
To replace heavy cream, use full-fat coconut milk.
The coconut flavor is not evident when used in cooking, and it gives you a great creamy texture. We've been using coconut milk successfully for everything from ice cream to the gluten-free pot pie we made last night.
We tried to make whipped cream out of full-fat coconut milk this morning, and that wasn't entirely successful. When we figure this one out, I'll post "how" on this blog.