The descriptive text says it's better to cast life AOE and frost AOE in succession. I suppose water is meant instead of life (in order to freeze everything). --178.0.219.67 14:49, 13 April 2011 (PDT)
The Frost Cleaver does in fact deal damage to frozen targets and reapplies freeze. In fact, I managed to kill Vlad with this sword only by constantly whacking away at him. (660 damage on frozen targets)