The Chilly Myth

Well i was wondering the other day, and here i am writing about it.
Its Chilly right now in Delhi. Its "Cold", but we say its "Chilly".
Then there is this spice that some people eat. It goes by the name of "Chilli" too. There are two kinds of Chilly - Red Chilli, Green Chilli.
Radio Mirchi, the Radio Station has a Chilli as its Logo.
Now Radio Mirchi's Punchline is "It's Hot".
So the question arises - Is Chilly 'Cold' or is it 'Hot'?
Does one use the term to refer to something 'Cold', or does one use the term to refer to something 'Hot'?
Answers Please...