People generally associate the can cooler as something to keep your beverage cold in the summer time. The AHHH HAAA use is to keep your hand warm from the cold can in these cooler months.
That being said, I have a box of custom can coolers that I am bringing to my buddy's first annual "fry it party!!" It is really an excuse to stand outside and drink cold beer as we throw various things into the deep fryer. :) My favorite is the deep fried Oreos!!!