Malt Beverage vs. Vodka Cooler - I'm confusted?

I'm a Canadian travelling in the U.S. I'm ordering my wife some coolers that I'll have delivered to our hotel. In Canada, most of the coolers are 'Vodka coolers' but the same coolers (such as Smirnoff Ice) seem to be called 'malt beverages' here. When I think 'malt beverage' I think flavoured beer - gross! Are they exactly the same thing but just named differently due to different laws/regulations? Does anybody know if Seagrams 'Calypso Colada' is good? Thanks!