40F with or without clothes? 4-6 hours without clothes and Im pretty sure you're looking at fairly severe hypothermia.
similar effects for immersion in cold water for several minutes as well
Ice baths are several minutes.
The faster the thermotransfer, the shorter the cold shock period, obviously...
Goal was to get pictures like this: https://goo.gl/images/imXCMy
(Those are methane bubbles frozen in the ice.)