The most common and most likely answer to this crossword clue is the 3 plus 4 letter word ICE CUBE
I've seen this crossword clue in The Guardian
I
C
E
C
U
B
E
More clues leading to the result ICE CUBE
- Reserve power needed for small cooler
- Reserve 27, for example, for dropping in the drink?
- Cool to reach number one, perhaps, for musician
- Kill baby bear with European item found in drink
- I see polar bear’s offspring perhaps caught inside a frozen block
- Clinker, say, that is full of carbon – hint to bring in boron
- Poultice cub eats partly in cooler
- Die in the cooler?
- 9 is cooler
- Die of cold
Buddy explains!

The straight part
We know that "item found in drink" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case item found in drink = ice cube.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.