The Frezarite Meteor is the second most common meteor you will encounter. The crash site will have frezarite ore scattered about along with ice and some water. There will not be any mobs that hang around this crash site.
The Frezarite meteor is considered the worst griefing meteor of them all due to how the frezarite blocks will actually melt and cause water to flow everywhere! This can be remedied by living in a cold biome which would keep the frezarite blocks and ice from melting.
All you will be able to gather from this meteor will be the Frezarite Crystals. Frezarite Crystals are used to craft an armor set and tools that are especially designed to help when dealing with water. The tools allow you to break blocks quicker underwater and the armor enables the ability to walk on water with the Cold Touch enchantment which freezes the water underneath your feet as you walk.