Is there a way to turn hot water instantly to cold water? Is there some sort of chemical reaction or element that allows this process to happen?
If you put a strongly endothermic reaction in a water bath, or put something extremely cool near or through it (dry ice, liquid nitrogen, etc. like @iad22agp said), then it would cool down.
One thing to note is that water has an extremely high heat capacity compared to most substances, so it takes a considerable amount of energy to turn "hot" water to "cold" water.