I have heard about this but didn't look much into it. I've heard that pro athletes will sit in 55gal. drums of ice water after workouts or practice to aid in recovery.
icing right after you workout asap can aid in keeping swelling down for "problem" area's if you have any. I have a tri'insertion tendon issue on my right arm so after any chest or tri workout i immediatley ice. I have ice on it right now actually lol. I wish my gym had a sauna and steam room