and to answer your question from someone who actually uses co.cc domains
yes they do affect your rankings simply because the sell you
a subdomain ei. http://keywords.co.cc
with that said. they DO rank i have several of them still ranking in the top 10 of the serps of google for multiple keywords.
with that said they arent worth the $3 now. but when they were free and i was just starting out they were golden. so if your willing to shell out 3 bucks head over to godaddy and buy you a $.99 .info domain.
That way the domain will actually be yours and you arent just renting it from someone
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