The far is the Greenland ice sheet (All white in this picture) and the West Antarctic Ice Sheet (WAIS). Either one, if they should melt, would raise world wide ocean levels 15-20 feet. The even larger East Arctic Ice Sheet (EAIS) could raise world wide ocean levels over 200 feet (But in most models of Global warming the EAIS is expected to EXPAND in volume of Ice do to warmer air taking more water to the EAIS, The EAIS is completely within the Antarctic Circle AND above Sea level so is viewed as "safe" in most Global Warming situations).
The big fear is the West Antarctic Ice Sheet (WAIS). The WAIS is grounded BELOW sea level, so world wide ocean temperatures can affect it (Through this means getting through the Southern Ocean which circles Antarctica). Something happened 100,000 years ago, that suddenly the world wide Ocean levels went up 20 feet (and then down 200 feet within a Century and with that drop the Ice Age was on). This is called the "Madhouse Century". The present theory is the WAIS Collapsed do to Global Warming but the break up of the WAIS released so much nutrients into the South Pacific and Indian Oceans that you had a massive algae bloom that removed so much Carbon that the Ice Age started.
Right Now the South Pacific and South Indians Oceans (as you get closer to Antarctica) are ocean deserts, no large amount of Algae compared to the rest of the Oceans. The reason for this is believed to be that Algae closer to other Continents absorb all of the trace amounts of material living things need to live (i.e. dissolved Iron among other minerals). The Break up of the WAIS might do the same, i.e. raise world wide ocean levels AND then over the next 50 cause most of the exist Carbon in the air to be fixed by Algae so that we end up with a new Ice Age.
Thus the big question is next March, when the Antarctic iCe shelves are at their minimum, will this lead to the WAIS to break up? Will this cause world wide ocean levels to go up 20 feet (And maybe more depending on how the WAIS interacts with the EAIS, how much water of the EAIS does the WAIS block from going into the Ocean?).
My point is the Arctic Ocean can melt completely away and have no affect on world wide ocean levels, Why? THe Arctic is an Ice Shelf i.e. Ice Floating on water. As ice floating on water, the ice is already displacing the Water it will be when it melts. Thus no affect on world wide ocean levels. It is the ice Sheets, grounded on land, that is the concern, These if they melt or break up and starts to float, WILL DISPLACE WATER THEY WAR MADE OF. Since they are ice Sheets, they are NOT displacing that water NOW. This is the big Fear, will the WAIS break up next Spring? (Or some spring afterward)?
More on the Madhouse Century:
http://www.imaja.com/as/environment/can/journal/madhousecentury.html