1. Carefully remove the milk from the coconut. Peel the coconut and grate.
2. Put the grated coconut and coconut milk in a saucepan and boil for 5 minutes. Add the condensed milk and vanilla; simmer for 20 minutes.
3. In separate bowls beat the yolks and the whites to stiff peaks. Mix yolks and meringue into the coconut milk and beat well.
4. In a small saucepan melt the sugar and cook until it caramelizes. Pour into a ring mold and turn to coat the mold. Pour the coconut mixture and place the mold in a pan with water. Bake at 350º for 1 hour.
5. Unmold when cold.