We just uploaded a MAX31855 library for Arduino on Github. The library will work on both Arduino 1.0 IDE and earlier versions. MAX31855 is the latest thermocouple interface IC from Maxim that allows reading of various thermocouple type (K, J, N, T, S, R, E) and temperature below 0°C. You can also read the cold junction temperature. MAX31855 is the direct replacement for MAX6675 which has a pretty hefty price tag. Other neat features of MAX31855 includes thermocouple open detection and short circuit detection. The only drawback of MAX31855 would be the operating voltage at 3.3V. The library allows you to read both the thermocouple and the cold junction temperature either in Degree Celsius or Degree Fahrenheit on top of the error detection (open thermocouple & short circuit).