smoking moldy weed can cause death is you have a compromised immune system. It can make you very very ill with a lung disease called "aspergilliosus"(sp). You can however make some bubble hash out of it.
The water and ice should remove all the mold in the process. Most any magnifying glass that you buy in the store will expose any mold you may have. Good luck, be safe.

dai*ma :smokin: