Mark Maddox @ edn.com has a design idea on cold-junction compensation using AD7708.
The accuracy of any circuit or system that uses a thermocouple to determine the temperature of a process is limited by the accuracy of the method used to perform cold-junction compensation. In a thermocouple measurement, two wires of dissimilar metal join together at the “hot,” or measurement, junction. The isothermal termination of the thermocouple wires provides a second “cold,” or reference, junction. The potential across the thermocouple is proportional to the temperature difference between the two junctions.
Circuit provides cold-junction compensation – [Link]