This phrase is an excerpt from the highly acclaimed "My Humps". The "milk" referred to here is the man juice. The "coco puffs" would be the colored woman's bazookas. This phrase would best be used in a sexual context, usually in direction-giving and whatnot.
"put my milk on your coco puffs, milky milky coco puffs", as heard in the widepsread phenomena of a song, "My Humps".
by marshmellow coco puffs July 14, 2006