Cool points can hypothetically be given or taken away depending on what someone does. Cool points are added if someone does something cool; however, they are also subtracted when someone does something dumb. The number of points depends on what has been done.
Dude tries to pick up a girl and says something dumb. “There goes all your cool points.”
Dude finds some alcohol when everyone is out at the party. “You just earned a cool point dude!”