Parody of a "Hot Second", signifying any amount of time it would take to complete a task.
Dan: Yo dude when are you coming over?
Marc: I'll be there in a cold minute man!
*Arrives at house*
Marc: Dude where you just beating off?!?
Dan: YOU SAID I HAD A COLD MINUTE!!
The opposite of a hot minute. A cold minute is a very short period of time, usually just a few days.
Damn nigga I just seen this movie a cold minute ago, lets go see something else