Its because of the Pressured air, I think. My guess is that when it gets so cold like to a freezing point the air is pressured more and just lets its self out along with the soda causing it to explode :D
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Not so, because soda is a liquid, the freezing condenses it into a solid. It merely makes the soda a cold, hard soda but if you put it in a can the can might explode open if the pressure builds up - cube. :)
When liquids cool, the molecules expand, it builds up pressure until the can ruptures.
Also, because it wants to... Just kidding!
Carbonated drinks have carbon dioxide gas dissolved in the liquid under pressure. When the pressure is released, the gas comes out of solution and forms bubbles (which is why Coke is fizzy)