*Sorry for bringing up a dead thread, but I just wanted to add a fun experience I had.
Ice Axe is actually pretty fun in my opinion. Not overpowered or broken, but if you're undead it can be fun.
I recently played a Lich Cleric who used a Fell Drain + Lord of the Uttercold + Ice Axe as a weapon and means to heal and buff himself.. got pretty ridiculous.