Ice is more dense than oil, so it sinks to the bottom of the fryer. There it turns into liquid water anathema immediately into steam. This steam needs at least 1000 times more space than the ice cube (1700 times more than water under normal pressure) and blows all the oil out of the fryer. I would expect quite a fountain. In a science fair experiment 10ml of water in a cup of hot oil gave a considerable fireball and a splash zone of about 1.5m. Dropping in a piece of dry ice (solid carbon dioxide) just made a little bit of a fizzle.