"Helado" has two meanings.
Meaning 1: Something very cold
Meaning 2: This word is also used for icecream
So, depending on the context, it can mean that it is very cold or icecream(the dessert)
EXAMPLES:
1.) El clima hoy esta helado - The weather today is very cold
2.) Hoy vamos a comer helado - Today we are going to eat icecream