Yes. Cold constricts blood cells, and reduce the volume of inflammatory lesions, such as acne pimples and cysts. You can decrease the size of one big pimple or cysts with a cube of ice. Just wrap an ice cube in a towel and leave apply it to a pimple or cyst. for 5 minutes. Having said that the only effective way to treat current pimples and prevent the next breakouts is to use an effective medical grade anti-acne cream such as MDacne and apply it to the whole face for the whole night.