Cobbett's Pond is home to many different types of lakeside homes, ranging from seasonal cottages to year-round multi-million-dollar houses. These homes are all part of the Cobbett's Pond Village District. Located on the west edge of the lake is the Windham Town Beach. The beach is open to the public and has an enclosed swimming area. The area is supervised by a lifeguard.
During the summer months, watersport shows, boat parades, and fireworks take place. There are no posted speed limits for boats, but there is a warden that occasionally patrols the lake by boat. The winter months are less busy on the lake, since most homes are only seasonal and fit to be used in warm weather. Ice fishing and skating are common activities during the winter.
Cobbetts Pond is primarily a spring-fed lake. Water from the pond flows via Golden Brook and Beaver Brook to the Merrimack River in Lowell, Massachusetts.