Yes and it does work BUT there are better methods. My horse is lame 50% of the time so I have a lot of experience in this (I still love her but she requires constant care). Fill a bag halfway with ice, fill the rest with water. Suck the air out of the bag, mold it to the let, wrap with a polo wrap to keep it in place.
An easier method is to use a clay poultice. Put it in the fridge, pull it out, smear on legs, put A WET PAPER BAG, cut, around the leg on top of the poultice, wrap with a standing wrap and bandage. will stay cool for at least 8 hours, take off in the morning and brush the dry clay off and presto. Nice tight legs.