i would assume you mean a cool air intake and cold air INTAKE, well there isn't a difference cause people call it the same thing, however you might be talking about a ram/short intake and a COLD AIR intake.

RAM AIR AKA SHORT RAM
-Ram air is a shorter pipe mostly good for up high in the RPMs due to the less distance for the air to travel.
-definately saves your ass from hydro lock
-problem is when the engine gets hot so does the air in your intake

Cold air
-Better low end power and stays cooler through out the power band because the air is being drawn from the road level and not the engine bay
-better get a bypass valve incase you go puddle jumping
-generally cost about 80 dollars more and depending on what kind of car you have, i personally don't think that the chances of water in my engine are worth that 3 extra hp.

hope i helped -jm