It does! When we were off on a school trip in Year 7 (13 years ago!) one of the teachers, Ms Lane, put a bottle of cola in the freezer, and some of us were hanging out on the grass minding our own business when we heard a bang and a horrible scream. For one terrible second I thought it was an insane gunman in our lodge, then I realised it was the soda bottle blowing up because of the expanding frozen liquid, and compressed gas. A lesson well learnt!
BTW, cola ice cubes sounds like a fantastic idea!