1981: two-year-old season

Half Iced made his racecourse debut when he finished sixth in a maiden race at Aqueduct Racetrack on 20 December 1981 and went on to finish eighth in a similar event at the same track eleven days later.^[3]

1982: three-year-old season

Half Iced was highly tried as a three-year-old, racing sixteen times in ten months. At Aqueduct he finished third on his seasonal debut and then won a maiden race on March 1 before finishing second and third in two allowance races. He then moved to Belmont Park and competed in allowance races, winning once from four attempts before moving up in class and finishing fourth behind Majesty's Prince in the Grade II Lexington Stakes on August 1. Later that month he won an allowance race at Saratoga Race Course and was then stepped up again in class for the Grade II Secretariat Stakes at Arlington Park on September 6. Ridden by Don MacBeth he recorded his first major success as he won from Dew Line and Continuing. He was then switched to the dirt and finished seventh in the Super Derby at Louisiana Downs. Half Iced was returned to the turf and matched against older horses for the first time in the Grade I Man o' War Stakes at Belmont on October 3 and finished fourth behind Naskra's Breeze, Sprink and Thunder Puddles. Two weeks later he was sent to Woodbine Racetrack for the Rothmans International Stakes and finished fourth behind Maajesty's Prince, Jack Slade and the French-trained Esprit du Nord. On November 2 at Aqueduct, the colt contested one of two divisions of the Grade III Knickerbocker Handicap and won from No Neck and Erin's Tiger.^[3]

On his final appearance as a three-year-old, Half Iced was sent to Japan to contest the second running of the Japan Cup over 2400 metres in front of a 90,000^[4] crowd at Tokyo Racecourse on November 28. The race attracted a strong international entry including John Henry (the favourite) from the United States, April Run (owned by Diana Firestone) and All Along from France, Stanerra from Ireland, Frost King from Canada, Isle of Man (New Zealand Derby) from New Zealand, Pageno from Germany and Scouting Miller from Italy. The best of the Japanese runners appeared to be Hikari Duel (runner-up in the autumn edition of the Tenno Sho), Sweet Native (Yasuda Kinen and Katsu R (Takarazuka Kinen). Ridden as usual by MacBeth Half Iced started a 31.3/1^[5] outsider and won by a neck from All Along with April Run a further neck away in third ahead of Stanerra and Hikari Duel. MacBeth explained that he had "saved power for the last dash" whilst Bertram Firestone commented "I am happy my horse won the race and that my wife's horse was third".^[4]

1983: four-year-old season

Half Iced recorded one win from thirteen starts as a four-year-old in 1983. In his first seven races his best efforts came when he finished second in the W L McKnight Handicap at Calder Race Course in January and was placed third in a Belmont allowance in June. In August he moved to Saratoga where he finished fourth in an allowance before contesting the Seneca Handicap over one mile five furlongs. He recorded his first win for nine months as took the Grade III contest from Nice Pirate and James Boswell. He went on to finish third to Acaroid in the Manhattan Handicap, eighth in the Man o' War Stakes and fourth in the Louisiana Downs Handicap. On his final North American appearance he finished unplaced behind All Along in the Rothmans International Stakes on October 16.^[3]

In November Half Iced returned to Tokyo to defend the Japan Cup. Ridden by Eddie Maple he finished fourth behind Stanerra, Kyoei Promise and Esprit du Nord, beaten less than a length by the winner.^[6]