1.
ice cream
Shortened form of アイスクリーム, common in everyday speech.
2.
ice; iced (as in iced coffee)
Used in compound words and drink names.
アイス is a shortened form of アイスクリーム (ice cream), and also means "iced" when used as a prefix for drinks.
SENSE 1 — ICE CREAM:
SENSE 2 — ICED (drinks):
Related frozen treats
Usage
In casual speech, アイス almost always means ice cream. The "iced drink" sense mainly appears in compound words or when contrasting with ホット (hot).
Related Words
Compare:
ホット (hot (drinks))
Related:
ソフトクリーム (soft serve ice cream)
Related:
かき氷 (shaved ice)
Related:
シャーベット (sherbet/sorbet)
Related:
ジェラート (gelato)