Ice Wolf is a monster which places an Ice onto your opponent's field upon death. The Ice will be summoned as far left as possible, but only if it's possible at all.
For its cost, it has exceptionally high stats of 7/8, making it useful for providing a powerful card in the mid-game. Ice Wolf's ability, however, can be its downfall.
Because of this, Ice Wolf is a good combo with Nacarat Jester, as that will remove the negative ability.
You could also play this card early on to take advantage of its high ATK stat without it dying quickly.
Keep in mind that Ice is a 1/7 Taunt monster with the added ability of paralyzing the monster that kills it.
Ever since Beta 22.0, it also gained a Turbo effect, which activates when you draw the card, that will paralyze a random enemy monster. This makes Ice Wolf already a pretty good card to have, even if it's very random. You can use cards like Bridge Seed or Manticore to draw cards when you want to draw this.