Pour the chilled cola soda into the blender.
Add the crushed ice to the blender with the cola.
Secure the lid on the blender and blend on high speed until the mixture is smooth and slushy, about 30-45 seconds, listening for a consistent fizz and a fine icy texture.
Stop the blender and check the texture; it should be icy and semi-frozen with some bubbly fizz remaining.
Pour the slushie into chilled glasses, allowing the icy mixture to settle slightly for a frosty, bubbly appearance.
Serve immediately with a straw or spoon, enjoying the cold, fizzy texture and caramel aroma.