Brad -- Sorry, I saw this earlier, but today's been a busy day and I didn't want to just whip out a quick answer that raises more questions than it answers. But, it's almost 10 pm now, and I'm still busy, so it looks like a quick answer is all that's going to happen today or tomorrow.
Cold pitching of yeast works best with harvested yeast. After transferring beer from primary, either leave a pint or so of beer behind or have some pre-boiled cool distilled water to add to the yeast. Swirl to get the yeast in suspension, pour it into a glass container (I use erlenmeyer flasks, but any glass jar is fine), cover the top with sanitized aluminum foil, and put it into the fridge. Make sure it doesn't freeze. Ideally you should brew the next day, but definitely within three days. Keep the harvested yeast in the fridge until you're ready to pitch it into your new wort. Again ideally, the wort should be 5-10F lower than your target fermentation temperature. Pour off the liquid on top of the yeast, leaving just enough behind to liquify the yeast. Swirl and pitch 250 ml (1 cup) to 400 ml (about 1.5 cups) into the new wort, depending on the original gravity. Aerate as well as you can, swirl to mix the yeast into the wort, seal the fermenter, and stand back! In most cases, fermentation will start within 2-4 hours, with vigorous fermentation starting within 6 hours.
Notice there are a few "ideally" statements above. However, until just recently, I used an immersion chiller and couldn't get my wort chilled to under fermentation temps. I've used the cold pitching technique in beers as warm as 78F, which I then continued to cool down with ice bottles strapped to the fermenter. Even with this continued cooling, I had lag times of only 2-4 hours. Second, I said ideally it should be used with harvested yeast. However, I usually make large starters -- at least 2 liters -- and I follow the same basic procedure. Once the starter if fermented out, I put it in the fridge and pitch the same way the next day. Lag time is generally an hour or two longer, but everything else proceeds as usual.
Benefits of cold pitching -- quick starts (2-4 horus), vigorous fermentation (I generally need a blowoff), quick end of primary (3-4 days with most low to medium OG beers), complete fermentation (near or above the high-end of attenuation figures for a given yeast), and healthier yeast for harvesting (I've gone up to 5 generations with the same yeast and probably could have gone quite a few more).
Sorry, I've gotta run -- let me know what questions you have!