depends upon what cook means.
an internal temperature of 61C sustained for 10 mins will cook meat i.e. make it safe to eat although an internal temperature of 70C ish will make it look better. but enough of meat as that's a whole new subject e.g the internal temperature of medium roast beef is 55C
hard things like root veg need a highish temperature to cook satisfactorily by which i mean reach a state of acceptable palatabilty rather than very soft outside and hard centre. soft veg (leaves) cook on quite happily in a pot cosy.
cosies come into their own for most foods that require water absorption. dehydrated food and rice spring to mind as both just really need to be in very hot water to hydrate and do not change their physical properties that much - if by some fluke you really overdo rice into a poriidge then you have made congee instead of boiled rice (congee - hugely popular dish in china et al)
pasta is more problematical and ideally should be boiled as the outside will be slimey with a break dente centre. very small pasta can be added to a pot at the last to "cook on" just before eating.
this is all a bit of a simplification and if you have to carry water anyway then dried food becomes less attractive as ready prepared items are easier to use.
so generally a pot cosy is good for rice, porridge, grains, lentils, rehydration of dried food, keeping stuff hot whilst you cook something else
Edited: 27/06/2012 at 13:55