In the late eighties or early nineties, there was a drink, at least around Dallas, TX called Cool Cola. It was in a silver can with Cool written in blue with ice caps on the top of the letters. The commercial was a bunch of Cool Cola cans with sunglasses, scarfs, ear muffs, and other winter clothes on a mountain partying and skiing while the jingle basically repeated "Cool, Cool Cola!" over and over. I can't find anyone else that remembers it. I was thinking about writing an article of discontinued snacks, and I can't find any pictures or references to Cool Cola anywhere.
Don't worry doc6699, I'm sure you haven't lost your mind. Maybe what you saw was a test market campaign for a new soft drink.
In 1977, Arizona was selected to test market "HONDO", a lemonade soft drink that was bold on flavor and light on the sugar. The can was yellow, gold and silver with "old west" style lettering - the result was a beautiful can!
The TV ads for "HONDO" showed muscled cowboys under a hot southwestern sky quenching their thirsts with ice-cold HONDO's, (amazingly gay!). The ads were funny as hell to me and my college friends at the time.
Anywho, I can't find any references to "HONDO" anywhere online, so I must have imagined the whole thing, just like you imagined "COOL Cola".
Ad for cool cola. Do not know if it is real but there is a bottle with "cool cola" on it toward the end. It is a holiday ad. About half way through a voice says happy holidays from cool cola. It is pretty amateur though as if made locally somewhere.
That test market thing could be it. We bought one 6 pack of it, and that was it. I've checked the belgium can museum, there's no record of it there. You might find Hondo on there. Too bad I can't find the commercial for it. It's a great representation of the time. It had a hokey jingle. Then all of the cans being cool while they were skiing. It was a shining example of retro.