The Big Freeze

Create a New Document (Cmd-N). Make it 225 pixels x 100 pixels. Grayscale is faster than RGB. We'll switch to RGB later.
Select the Type Tool, and pick a heavy typeface. Type The Big[return]Freeze. Set the type to 90 Point high with a leading of 80. Check Anti-Alias, Center justified and Click OK (or hit [enter] not [return.] Same as in FreeHand.)

Cut the type to the clipboard [Cmd-X.]
Paste it back [Cmd-V] and it will be automagically centered. Scoot it up a few pixels (press the up arrow about five times) to leave room for the icicles.

From the menu bar, Select>Inverse.
Filter>Pixelate>Crystallize. Use a value of 10 and click OK.

Select>Inverse.
Filter>Noise>Add Noise. Use a value of 70. Check Gaussian and click OK.

Filter>Blur>Gaussian Blur. Use a value of 2.0 and click OK.

Image>Adjust>Curve or [Cmd-M.] Create a curve similar to the image shown.
And click OK.

Select>None or [Cmd-D] to release the selection.
Invert the image using [Cmd-I.]

Image>Rotate>90° CW.
Filter>Stylize>Wind. Select Method: Wind, Direction: Left and click OK.
Image>Rotate>90° CCW.

Adjust contrast to intensify icicles if needed.
Mode>RGB Color.
Image>Adjust>Hue/Saturation [Cmd-U] . Check Colorize and set Hue to -175. Then click OK.

Spice it up by airbrushing using a sparkle from the "Custom Brushes" file that came with Photoshop.

Chilling, isn't it?!