Newly FDA-approved Zeltiq (it was approved in 2010) is already piquing the public's interest with its ability to reduce fat by way of "freezing" it. Zeltiq, also known as CoolSculpting, is a method of literally freezing fat away. It's not magic, it's science!
When cooled, fat cells die at a lower temperature than skin cells, a fact which Zeltiq takes advantage of. It uses a contained suction device to cool the skin and the fat beneath it from the outside, getting it cold enough (to about 40 degrees) so that fat cells are damaged but skin cells aren't.
Zeltiq Aesthetics is actually the name of the treatment's manufacturer - the fat freezer is marketed under the brand name CoolSculpting. It's no replacement for liposuction, though it too is best used on those stubborn pockets of fat that resist diet and exercise.