Store the can of coconut milk upside down in the refrigerator overnight.
The next morning, turn the can right-side up and open it. Drain the liquid into a separate container and discard.
Place the coconut milk solids in a large bowl and add the confectioners' sugar and vanilla. Beat with an electric mixer on medium-high speed until the mixture resembles whipped cream, about 1 minute.
Use immediately in place of whipped cream as a frosting or as an accompaniment.
