Chilly Waters is a winter-based board in Mario Party 3. It is inhabited by Penguins and a large Mr. Blizzard who sits at the top of the board. When someone lands on a Happening Space, the giant snowman wakes up and throws an enormous snowball that rolls to the left (then downward), or to the right (then downward) off the board. Players caught are chased down by the snowball and run to safety, sending them back a few spaces. This is the action Time of the board. It is also possible to trigger this event by paying the snowman five coins. The board has many junctions, including an icy five-way junction at the center of the board. If a player lands on this ice while there is someone on there already, the ice cracked, and both players run to safety at the southeast end of the board, a disadvantage.
In Story Mode, the human player went up against three opponents and battled here to get the Wit Star Stamp.