Obviously it was imported from the Northern Hemisphere, but we used to say this at school amid schoolboy chuckles.
Also remember reading a slight variation in a novel many years ago:
Cold as a frog in a frozen pool
Cold as the tip of an Eskimo's tool
Cold as December, gloomy and glum
Cold as the fur round a polar bear's bum
Cold as a nipple on a witch's tit
Cold as a bucket of penguin shit

Sledge