The phrase is used casually, often in situations where people are relaxing and enjoying a drink.
Here are some examples:
* "Want to grab a cold one after work?"
* "It's been a long day. I think I deserve a cold one."
* "Let's crack open a cold one and watch the game."
The term emphasizes the refreshing and chilled nature of the beer, making it particularly appealing on a hot day or after a tiring day.