Mix Pina Colada, water,crush pineapple, coconut, and powder sugar in a sauce pan. Heat on medium low temperature until sauce begins to simmer, stirring frequently. Let mixture simmer slowly 10 - 12 minutes. Mix corn starch and water together, add to sauce and blend well. Let mixture simmer for 3 - 5 minutes longer while stirring during and after adding cornstarch. Remove from heat and bring to room temperature. Sauce is served at room temperature with Parrot Bay Rum Shrimp.