What do I do with my fresh coconut?

I bought a fresh coconut on an impulse for $1. It has already been shelled and looks a little like a rocket--it's round at the bottom and comes up to a point at the top. Does it still have the milk inside? If so, how do I cut it open to get it? And then, what do I do with the fresh coconut? Can I just grate it an use it as I would dried coconut? I don't have a food processor--will it take me 3 years to grate it by hand?


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