I have purchased some exterior latex paint I intended to use this last fall. I forgot all about it and left the 5 gal container outside in the cold all winter. We dont get any snow but it does get below freezing occasionally. Now that it is spring and I found the missing paint can I use it or can the weather do something adverse to it and render it useless?

Here in Kansas it freezes hard. I have seen paint go bad from freezing. It tends to separate like funky milk (curds to the bottom and watery stuff to the top). The question I guess is whether it can be bad when it still looks good. I don't know if I'd chance it...but 5 gallons doesn't come cheap. Flip a coin

Try a test. Open the can, mix it well, and
paint a test surface, be it scrap wood, or
scrap concrete in lieu of stucco, or whatever.

Let it dry well, then give it some accelerated aging by squirting it with the
hose a couple times a day. See if it goes
bad in a few months. If so, get rid of the
paint. If not, then flip that coin. ;-)

BTW, your test surface should be left out
in the sun.