We observed CO J=3-2 emission from the water fountain sources, which exhibit high-velocity collimated stellar jets traced by water maser emission, with the Atacama Submillimeter Telescope Experiment (ASTE) 10 m telescope. We detected the CO emission from two sources, IRAS 16342-3814 and IRAS 18286-0959. The IRAS 16342-3814 CO emission exhibits a spectrum that is well fit to a Gaussian profile, rather than to a parabolic profile, with a velocity width (FWHM) of 158+/-6 km/s and an intensity peak at VLSR = 50+/-2 km/s. The mass loss rate of the star is estimated to be ~2.9x10^-5 M_sun/yr. Our morpho-kinematic models suggest that the CO emission is optically thin and associated with a bipolar outflow rather than with a (cold and relatively small) torus. The IRAS 18286-0959 CO emission has a velocity width (FWHM) of 3.0+/-0.2 km/s, smaller than typically seen in AGB envelopes. The narrow velocity width of the CO emission suggests that it originates from either an interstellar molecular cloud or a slowly-rotating circumstellar envelope that harbors the water maser source.