The Carbonated Coconut Milk is one of the three ingredients to make a Calming Potion to calm Booga in Shark Tooth Island. You will need to calm the Booga so you can rescue Professor Hammerhead and a young boy who have been trapped on an island in Booga Bay which is your mission in this Island. You can find Carbonated Coconut Milk just right after the Coconut Cafe, there should be a guy at a coconut stand, and he is wearing a flower necklace. Click on him and let him talk, he will give you the carbonated coconut milk. After you have collected the three ingredients which are Key Ingredient, Old Bone and Carbonated Coconut Milk, give these to the Medicine Man so he can make the Calming Potion.