Ashtagon
Adventurer
A creature with cold immunity never takes cold damage. It has vulnerability to fire, which means it takes half again as much (+50%) damage as normal from fire, regardless of whether a saving throw is allowed, or if the save is a success or failure.
Some creatures have vulnerability to a certain kind of energy effect (typically either cold or fire). Such a creature takes half again as much (+50%) damage as normal from the effect, regardless of whether a saving throw is allowed, or if the save is a success or failure.
Under RAW, both of these would stack. It's kind of undefined how they stack though.
Personally, I'd count the number of times vulnerability is gained from spells/templates/whotnots, and the number of times immunity is gained from spells/templates/whotnots, and if one is greater than teh other, the character has that one. If the count is equal for both, I'd treat is as no overall effect (they cancel each other out). In other words, while teh templates don't sp[ecifically cancel each other, their effects do. Subtle distinction, but could be important if the character gets a spell/template/whatnot that grants one of those effects without the other.