Equipped creature gets +2/+2 and has protection from red and from blue.
Whenever equipped creature deals combat damage to a player, Sword of Fire and Ice deals 2 damage to target creature or player and you draw a card.
6/7/2013 The triggered ability has one target: the creature or player to be dealt 2 damage. If that creature or player is an illegal target when the ability tries to resolve, it will be countered and none of its effects will happen. You won’t draw a card.