The term "Cold Chilling" refers to a turkey or chicken when you by it at the supermarket and it is chilling in a refridgerator of some sort. The turkey is "cold chilling". To use it in average talk, you would use it as a substitute for relaxing or being lazy.
•Person 1: "What are you up too?"
•Person 2: "Just cold chilling."
•Person 1: "I'm having a total lazy day too"
"I'm just cold chilling today, man. Maxing and relaxing