I don't see why it wouldn't. I just went to a fermentation class with oh... the Wild Fermentation author Katz. Anyway he was really good to listen to and watch. I have his book but haven't read it all yet. But he was really encouraging us to experiment with fermentation. What are the ingredients in the canned coconut water? As long as there's nothing creepy in there, I'd try to ferment it. I'm going to try fermenting cranberry juice next. I've had good success with young coconut water. I think it's kind of beer like in it's taste. Which, I do not like beer, but like the coconut water kefir. I think you have to consume fermented fruit type things a little more quickly though, otherwise they go alcoholic and the vinegary. Best wishes!