Had this idea in my head for a few months now and finally sat down to create it today.
Using a simple mesh with displacement modifiers and texture with bump mapping for the iceberg. Glass and diffuse nodes mixed to get the look. A demo of Pro Lighting is used for most of the light save a plane behind the iceberg to light to bottom slightly. Ocean Sim modifier and glass node for the water. Rendered in cycles with 500 samples.
-Benjamin