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 any target and you draw a card.
6/7/2013 The triggered ability has one target: the permanent or player to be dealt 2 damage. If that permanent or player is an illegal target when the ability tries to resolve, it won’t resolve and none of its effects will happen. You won’t draw a card.