Wow... you went to Times Square? Any pics? The local news channels constantly mentioned how cold it was going to be. They even said it could be the coldest New Years on record at T.S. (I'm not sure if it was or not)
I've thought about going a few times but my brothers done it and said it's not necessarily a fun thing, especially if you're drinking (finding a restroom can be difficult). He would go to a restaurant/bar about 2 blocks from the ball around 2 in the afternoon. He would stay in there until 15 minutes before the ball would drop. Then he would go to the roped off area to watch the ball drop. After a few minutes of cheering, he would head back into the warm bar. I think that's the way to do it if you can.