You can work with various versions of the model, Provided you have been given the rights to work with versions in the user rights.
and disable the option of always work with latest versions.
You can open any model in solidworks and select get version from the taskpane to choose the desired version.
ColdStorage: is an method to send the non used versions into archive. For example: if a file has 20 Revisions, and You might not need version 1-10, So you can define the schema that automatically these versions will go to archive.