This group, located at the Oak Ridge National Laboratory in Tennessee, is not making any sort of claim for "cold fusion", but instead claims to have created conditions known to cause fusion, in a beaker at room temperature. This is not as crazy as it sounds. The process uses cavitation, which is the creation of very small bubbles in a liquid which almost immediately collapse, causing very high pressure and heat as they implode.
Cavitation has long been the bane of propeller designers, thought of only as a hinderance until just recently, when the concept has popped up both in the design of ultra-high speed torpedoes and the study of noisy shrimp.
While the recent report is still controversial the team making these claims have reported their findings not in off-the-cuff remarks to the press, but to the peer reviewed Science, which has made their papers (warning:PDF) public. Essentially what they have done is to blast beakers of acetone with soundwaves. They then detected higher levels of tritium than expected. Tritium is a fusion byproduct.
Unlike "cold fusion", this claim does not require any revision to existing nuclear physics theory. The claim is that these (very tiny) bubbles briefly create temperatures and presures that are known to be hot enough to cause hydrogen molecules to fusion.
Whether this is actually useful is an open question. Unlike the "cold fusion" guys, the Tennessee researchers are not claiming to have created a system which generates more energy than it receives, and indeed, it is very likely that the actual amount of fusion taking place is miniscule in relation to the amount of sound energy needed to produce the cavitating bubbles.