It's cold but I would make it hot (5)
I believe the answer is:
chill
'it's cold' is the definition.
(chill can mean cold)
I cannot understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for chill that I've seen before include "Preserve by cold" , "Make cooler" , "Unpleasant coldness in the air" , "Make cold; relax" , "Iciness" .)