It is cold outside…
The weather outside is not frightful…
You can feel the cold inside of your house or apartment.
You can feel it the cold outside when you are making a half-pipe turn on a snowboard in Aspen, Colorado.
You can feel the cold when you put an ice cube on your hand for a few seconds.
I am cold…
You can have a cold feeling as you are standing in front of something that you are afraid of.
Seeing penguins in the Antarctica surviving the cold weather or jumping into a cold swimming pool in October in Nashville.
You can be around someone who has a cold personality like Voldemort.
The cold weather is here to stay for a short time anyway.