As long as you use "I'm freezing" to mean that you're cold rather than frozen solid, yes. ;)
However, I think of 'being freezing' as being more than a bit cold, so it might be closer to these expressions:
"Jeg er iskald."
"I'm ice cold." (as in very cold, though the dual meaning works in both languages)
"Jeg er kjempekald."
"I'm very cold."
"Å fryse" or "å fryse ned", though depending on the situation we'll often just say that we're putting/laying it in the freezer.
"Å fryse" is a verb, and only sentient beings can "fryse", as it's something you feel/experience:
"I'm (feeling) cold."
"Kald" is an adjective. Anything can be "kaldt":
"En kald øl"
"A cold beer"
"Hendene hans var kalde."
"His hands were cold."
"Kald" may also be used in place of "fryse", but then you need to add a verb: "Jeg er kald."
I am also a little confused about this. Cold seems to be an adjective in this sentence. Otherwise, "cold = fryser" as a verb, in my mind, would mean you are cooling something off. (I initially typed in 'jeg er kald' before double checking with the hover-over clues.)