I've never heard of that, and I dont see how that could possibly work. Water, or, in this case, ice, saps heat away from your body. If your feet were warm enough to keep from getting frostbite, they would melt the ice. Also, if that were true, why would people buy insulated boots for winter? Dont believe everything you read....feet & hands have poor circulation. Which is why they are usually lost to frostbite first. Similat to the myth of "sleeping naked keeps you warmer". Again, insulation=heat retention. So, the more insulation, the warmer you are. Sleeping with a parka on will keep you warmer than sleeping with a t-shirt.
On to the boots; I personally have used my issue jungle boots for about 5 years now, one spent on patrols in Cuba for a year, which is volcanic rock (eats the sole, and the "soul"). They are still holding up fine, and I use them for hiking all the time. Winter, I have a pair of hi-tec boots (forgot which model), which are OK during the winter. I also have a set of Matterhorns, which I have yet to break in properly. They are warm, just extremely stiff.