This is a drink made of rum and grapefruit juice, served in a coconut. You put the grapefruit in the coconut and shake it all up. Wait, no, that's not right at all.
The description of this booze is a play on the song Coconut by Harry Nilsson, using a grapefruit instead of a lime. The song includes the lyric "You put de lime in de coconut, you drank 'em bot' up".
The item's name refers to the old saying, "It's not the size of the boat, but the motion of the ocean."