"grit my teeth every time I hear it. It's up there with "no probs" meaning "that's fine"! "

around these parts, 'cool' has never lost its cool, provided it's not overrused. I think it's most often used as a replacement for 'neat' (as in "You got a promotion?? COOL!").

As for "no probs".... that would sound pretty strange here, though "No problem" is quite prevalant. What we say in that context is "no worries", which for some reason i always thought came from that side of the pond, no??