Frezarite Armor is crafted using Frezarite. The leggings and boots allows the wearer to walk on water by instantly freezing the water beneath them. The helmet and the chestplate will not.
Each piece, when crafted, will also allow the player to right click with the armor piece in hand to create an enchant on that particular armor piece:
Helmet: Respiration III, 1 armor point
Chest: Aqua Affinity I, 2.5 armor points
Leggings: Fire Protection III, 1.5 armor points
Boots: Cold Touch I, 0.5 armor points
The complete Frezarite Armor set will give the player five and a half armor points on the armor bar.