This tutorial was actually not intentional, but is merely some screenshots I took trying to figure out this effect. I had to make a logo for someone with "Icey" text and I hated the ones for Photopaint. They didn't look like Ice at all... so I made my own. As I experimented with different effects I was mimicking from various Photoshop tutorials, I took screenshots as I went along so I could remember what I did. I finally found a combo of effects that resulted into some decent looking ice, so here's a tutorial based on my "screenshot notes".
Step 1: I've noticed that the bigger the text, the better this looks. I managed to pull it off on some prety small text by playing with the filter settings, but for this tutorial, we'll deal with some decent size text. First start out with a darkish blue font color and use a nice thick font like this:
Step 2: Create a mask around the object by hitting ctrl-m
Step 3: We'll start by running a built in 3D Effect called "The Boss". Here is where it's located and the settings I used:
The Boss - Edge Settings:
The Boss - Lighting Settings:
Here's the final result of that effect: