This is my weapon of choice at a well-known coffee chain that I visit most Wednesdays. I decided that I didn't have to be a barista to make my own. Yesterday I cold-brewed some coffee and today mixed some of it up with ice, vanilla syrup and low-fat milk.
How'd it turn out? Delicious.
ETA: cold brewed coffee is as easy as pie. Get a container, add some ground coffee, pour in some cold water and leave in the fridge overnight. Then put it through a coffee filter. This gives you a concentrated coffee that you can dilute to taste. I just added about 1/4 cup of coffee to a jar of water.