Whenever I feel one coming on, I start taking something called Echinacea and Golden Seal. Add lots and lots of water along with lots of citris juices and Vitamin C.

I don't know about "beating" the cold, but the above seems to help both with severity and with longevity of it. Maybe it's just mind over matter and it doesn't do much medically proveable, but it does seem to help - for whatever reason.