1. unconscious
2. asleep
3. alcohol intoxicated, drunk (probably from the fact that you lose consciousness when you drink to much)
Don't bother, he's out cold.Source: Urban Dictionary.
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http://idioms.thefreedictionary.com/out+coldout cold and
out like a light 1. Fig. unconscious. I fell and hit my head. I was out cold for about a minute.
Tom fainted! He's out like a light!2. Fig. intoxicated. Four beers and he was out cold.
He sat in his chair at the table, out cold.3. Fig. sound asleep.
After a few minutes of tossing and turning, she was out like a light.See also: cold, out
McGraw-Hill Dictionary of American Idioms and Phrasal Verbs. © 2002 by The McGraw-Hill Companies, Inc.