The most common and most likely answer to this crossword clue is the 5 letter word TRIFF
T
R
I
F
F
More clues leading to the result TRIFF
Buddy explains!

The straight part
We know that "Cool" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case cool = triff.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.