An emerging literature suggests that memory enhancement may augment the effects of learning-based treatments such as cognitive behavioral therapy. Release of stress hormones, such as cortisol, has been shown to enhance memory. In this report, we evaluated whether a cold pressor stressor (CPS), which reliably generates stress hormones, may also augment treatment for specific phobias. Spider phobics were randomly assigned to CPS or warm water bath following a standardized session of exposure therapy. Inconsistent with our hypothesis, the CPS condition showed no significant enhancement in fear reduction compared to the control condition.