It's called "cryolipolysis" and it's currently undergoing clinical trials. It is rumored to be completely non-invasive and requiring only local anesthesia. Works by triggering lipolysis via the external freezing of certain areas with a lot of fat under the skin. Freezing is done by placing a special 3x5cm plate in touch with the skin over the area of interest.

This is great for those of us who have been wanting to do liposuction in certain areas but were afraid of the various fairly serious possible side-effects (some of them having a permanent character), most chilling of which, in my opinion, is that of embolism resulting in serious respiratory system conditions or death.

Read about cryolipolysis here: http://en.wikipedia.org/wiki/Cryolipolysis