The correct phrase is "cold as hail," as "hail" refers to frozen precipitation and is therefore associated with extreme cold, while "hell" is typically linked to heat and fire, making "cold as hell" a contradictory statement
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@beermeplease Back in Salem during the 1600s, witches were portrayed as old hags with wrinkly skin and icy blood. So the phrase “… colder than a witch's tit…” was used during very cold weather because of the reference to their cold blood and skin