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1.
A "whatever" responce to an insult. Indicting that the person went nowhere in life by making that comment. Espescially since it wasn't true. It is a phrase spoken more commenly by girls than guys.
Girl 1: I heard what you did with _insert name here_ at the party last night. Whore!

Girl 2: Cool Life (walks away)
by Jordash the Nomad February 04, 2008
 
2.
What you say when something disappointing or aggravating happens.
Jane: *trips and spills coffee all over her new dress*
John: HAHAHAHA!
Jane: *sigh* cool life...
by Linasaur November 13, 2010