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1.
Kind of like a break up, but both of them (the couple in a relationship) are going to get back together.

In other a words, a temporary break up that only lasts for a period of time.
Joseph broke up with me while I'm under medication for my Syndrome, but he says we're gonna go back together after I'm done. Which makes this whole thing only a cool off.
by bubbles!!!!!! July 23, 2009
 
2.
When you need to take a moment before punching your colleague in the face.
Becky Ball: No you haven't done that right
Me: Yeah I have
Ball undoes all my work
Ball: Oh yeah that's fine
Mark walks off to take 10 seconds
Ball: Did you just go 'cool off'????

When Mark Prince gets so angry that he has to take 10 seconds in case of punching Becky Ball in her beautiful face because his emotions get the better of him.
by bECKYB135 July 13, 2010
 
3.
Masturbate. Pleasure onself.
After watching the Christina Agulara video, Justin said he had to cool off.
by Embo103 September 15, 2013