I have made some delicious cocktails with coconut water. My favorite is an Island Moonshine. Mix moonshine, Blue Curacao, Pineapple juice, and coconut water. You could also make it with rum and it is very refreshing on a hot summer day!
Recipes often are related to drinks: smoothies, cocktails, etc, or there are also a few rice recipes that substitute some coconut water in for regular water so that the rice absorbs some of the flavor.