Rub the oil over the bottom of a regular-sized pot (you will also need a tight-fitting lid). Add the rice, coconut milk, water, salt, and shredded coconut. Stir and set over high heat. Bring to a bubbling (but not rolling) boil. Immediately reduce heat to low (just above minimum - around #2 on your dial) and cover tightly with a lid. Allow to cook for 1 hour, or until the coconut-water has been absorbed by the rice. When all (or nearly all) of the coconut-water is gone, turn off the heat, but leave the pot on the burner (covered). Allow the rice to sit for another 5-10 minutes, or until you're ready to eat. Your coconut rice will stay warm in this way for 1 hour or more (a great make-ahead tip if you're expecting company!). Fluff the rice with chopsticks or a fork, and serve with your choice of entree(s). If desired, coconut rice can be topped with a sprinkling of toasted coconut (simply 'dry-fry' 1-2 Tbsp. shredded coconut in a dry frying pan until toasted), OR top with a sprinkling of sweetened shredded coconut (as pictured here). ENJOY!