I think you are right, the ice transforms into free flowing water getting distributed all over the world.
And it is happening quite abruptly too historically seen.
As well as the world is wobbling, not only rotating:)http://www.time.com/time/magazine/article/0,9171,891454,00.html
And then we have the magnet field, will that be affected too if Earth change its angle?
On the other hand, if the ice disappears, chances are good(?) that we'll have 'bigger stuff' to worry about.
Like not getting 'wiped out' from this Earth.
Check out CO2 and Methane-Cycles as well as Methane deposits.