When a certain situation or person is past just looking 'nice' they are considered ice. When something good comes ones way the situation could be deemed ice.
'yo holmezi heard tha new lambo iz out this month!' 'yea yea! that shyt is iceee yo!'
Someone who is unable to hold their alcohol and may become inebriated after as few as three(3) Smirnoff Ice. Sometimes performs Flying Ice Kicks in order to defend/humiliate himself.