Combine 1 package of gelatin with the milk and bloom for 5 minutes.
In a small saucepan, combine 1/2 cup of the water with the sugar and coconut extract and bring to a boil. Combine with the gelatin mixture and stir until all solids dissolve. Lubricate molds with oil and pour in gelatin mixture. Refrigerate for 1 hour. Gently tap and shake to unmold.
For the iris, combine remaining gelatin with 1/4 cup of water and bloom for five minutes. In a small saucepan, bring the remaining water to a boil. Remove and gently stir into gelatin mixture until solids dissolve. Create the colors of your choice using the food coloring kit. Using an eyedropper, fill the indentation of the eyeballs with the colored gelatin — it will set within moments of contact with the cold gelatin.
In a small ramekin, mix one drop of each color to create black for the pupil. Dip a toothpick into the black and paint the center of the iris. To achieve bloodshot eyes, use red food coloring and brush with a cotton swab around the base of each eyeball.