The act of giving a handjob or masturbating with a cold sandwich enveloping the penis. The sandwich can have whatever ingredients the receiver pleases.
"Dude, my girlfriend gave me an epic cold sandwich last night!"
"I tried whacking off with a tuna cold sandwich last night, but it just made me smell like a vagina."
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A piece of shit rolled up in a Subway wrapper and put in the fridge at a frat house. (a Blimpie or Quizno's wrapper works just as well.)
"You shoulda seen his face when he almost bit into that cold carl sandwich"
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When you dream pie a girl the night before and you wake up the next morning and eat her out and you taste your jizz.
Hey bros... I enjoyed a nice cold meatloaf sandwich today.