I am not sure how the percentage works, but after some discussion with my guildmates, we think it is the casting time. The higher the % is, the longer the delay is. We all thought it has something to do with damage output in the first place.
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And speaking of the Ice River, when I enchant my weapon (In my case a bow) it does add cold damage to my normal damage right?
Its called Imbue

You do extra damage on your Bow skill when used with imbue. What happen is when you use your weapon skill with your force skill you deal physical damage + magical damage. It does not add more damage to your weapon skill, it merely adds magical damage on top of your weapon damage.