The present invention relates to a system and a method for cooling extruded and molded materials. The present invention is especially useful to thoroughly cool an extrudate by directing a cooling fluid toward a surface of the extrudate (e.g., an interior surface that defines a hollow portion of an extrudate). Hollows may be created in order to reduce material, weight, and/or processing time. A cooling fluid is diverted toward the surface of the extrudate so as to cool the material and assist in solidification. A baffle may serve to divert the cooling fluid in the desired direction. In another example, the extrudate may be partially or totally immersed in a liquid cryogenic fluid. Increases in production line throughput may result by rapidly cooling the molded material. In addition, the more efficient cooling may be achieved with a lesser amount of the cooling fluid, and the velocity and temperature of the cooling fluid may be reduced. Other uses for the present invention include injection molding, compression molding, gas assist molding, and co-extrusion.