It is called coolsculpting, and it's exactly what it sounds like: completely cool. Literally, in this case, because this is mainly due to the fact that they freeze the fat within your body with a controlled frostbite.
Via Ward Perrin, PNG
They'll let any one wear a lab coat these days.
Coolsculpting is based on the little-known method called cryolipolysis: the art of freezing your lard while you're otherwise very much unfrozen. The idea is that under carefully controlled conditions, your subcutaneous fat cells are more vulnerable to the effects of cold than the non-lard tissue surrounding it.
The actual procedure goes as follows: Fat areas are pressed between two freeze plates for a couple of hours. During this time, your fat cells freeze over. This in turn should cause them to harmlessly break down and become reabsorbed by the body over the course of two to four months.
Alternatively: a goddamn salad.