Photoshop freeze effect is easy to achieve. It is simple and cool effect and can be achieve using only layer blending options. Below is the final image.

Ok here we start, first take a new file with dimension 600px X 250px with 72 dpi. Create a background layer and color it with blue color I use #008dca color code. Type some text in black color I have used Berlin Sans FB Demi font you can use any font you like. It should look like below image.

Next you'll add some pretty basic layer styles by double clicking the layer in the layer window (Layer>Layer Style>Blending Options First set the Fill Opacity in the Blending Options tab. You can also adjust the layers Fill amount in the layer window, but since you're in the Layer Styles window its easy to do here.

Add a bevel and emboss style. Use inner Bevel with Smooth technique. Set depth to about 100, direction Up, size approximately 5 with soften set to 0. The shading angle and altitude should be fine, but you'll need to adjust the highlight and shadow modes so the colors are white and the opacities are higher. Set Highlight mode to normal 100%, and Shadow mode to lighten at 50%.

Here's what will make the basic frosted texture. Add a texture to the bevel and emboss style. Make it the Clouds pattern. Scale it down to 15 and set the depth 114.

Result will like below image.

Duplicate this layer so you have two text layers.
Open the layer styles for the duplicate text layer. Change the texture to the Satin pattern, adjust the scale to about 49 and depth 42 or by eye. This will add a cracked ice type pattern to the text. You will get something like below image

Now we will add icicles, Start out by adding a new empty layer. Now select a brush of appropriate size for the base of the icicle. In my case, I used the hard round brush of size 7.
Now go to the brushes window (F5) and set the brush control to fade. The amount, which I set to 20, will depend on your text size, so try 20 and if its too short or too long, come back and change it.

On the black layer, start drawing icicle shaped lines using the brush tool (B). Since we are using a fade, the bush will quickly shrink to nothing making drawing icicles fairly easy, Image will look like.

To make the icicles simply select the bottom most text layer and copy the layer styles (right click Copy Layer Styles) then apply them to the icicles layer (right click on new icicle layer and Paste Layer Styles). And there you have it, a frosted, frozen, ice cubed text effect. An added bonus is that each layer is still a text layer, so if you wanted to change the text its relatively easy.