ICED

Four years after their friend Jeff dies in a nighttime skiing accident after being jilted by his lover, a group of childhood friends—couples Trina and Cory; physician John and Diane; Eddie and Jeanette; and Carl—converge upon Snow Peak, a newly-renovated posh ski resort where they have been mysteriously invited for an exclusive New Year's Eve event by real estate developer Alex Bourne.

Eddie, who is traveling alone to the resort, is killed before arrival by an assailant with a snowplow while parked along a road. Diane and John are also traveling nearby toward the resort. Meanwhile, Jeanette awaits Eddie's arrival, while Trina expresses guilt over Jeff's death, as the friends believe he committed suicide upon finding Diane having sex with John.

Carl is troubled by nightmares about Jeff, while Jeanette, in Eddie's absence, seduces Alex Bourne while he visits the group at their chalet to welcome them to the resort. As the group socialize, Jeanette receives a mysterious phone call from someone impersonating Eddie, who tells her he is "here with Jeff now." Alex recognizes Jeff's name, claiming Jeff was on the guest list, and that Jeff accepted his invitation to the resort. The group suspect Jeff's invitation was included as Alex acquired their names via mailing list from the resort they visited four years earlier where Jeff died. As tensions rise, Alex leaves, and the friends argue over the circumstances that led to Jeff's death. John reveals he found a newspaper clipping in her room about Jeff's death.

John is summoned to the hospital where he works to perform an emergency C-section on a patient. As John and Diane attempt to leave, the killer, donning a ski suit, impales John through the throat with a ski pole before stabbing Diane to death with a large icicle. Jeanette goes to relax in the hot tub, where the killer electrocutes her by throwing an electric heater into the water. The electrical short causes a power outage in the chalet, which awakens Carl. Outside, Carl sees the killer waving a kerosene lantern. When Carl goes to investigate, he is killed in a bear trap, accidentally firing his revolver in the process. The gunfire awakens Cory, who is stabbed in the chest by the killer in the kitchen.

At dawn, Trina awakens and finds an injured Cory still clinging to life, as well as the corpses of Jeanette, Diane, John, and Carl. She takes Carl's revolver before phoning Alex for help. Trina is pursued upstairs by the killer before unmasking him, revealing him to be Alex. Alex reveals that he was a friend of Jeff's, and found his body the night he died. Alex seriously injured himself in the process of rushing to Jeff, resulting in his leg being amputated, dashing his hopes of a career as a professional skier. Just before Alex is about to kill Trina, Cory manages to climb upstairs and shoot him to death.

Some time later, Cory and Trina, now with a daughter, are vacationing at a snowy cabin. When Trina approaches a snowman built by her daughter, blood begins to pour from its eye before Alex bursts out of it.

Alex, revealed as the killer and a friend of Jeff's, is killed by Cory while attempting to murder Trina. Later, a sinister hint appears as blood emerges from a snowman built by Trina and Cory's daughter.

The ending ties the cycle of revenge to the tragic consequences of the group's past actions, with Alex’s motivation rooted in trauma from Jeff’s death and his own loss. Even after the killer is dispatched, the final moment with the bloodied snowman suggests that the past’s horrors may still haunt the survivors, leaving the threat chillingly unresolved.