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What does the enhancement bonus of Blue Ice stack with?

Frostburn lists Blue Ice as an Exotic material (p. 80). It weighs half as much as iron and can be forged, shaped and utilized as if it were iron. (Very useful to keep your beer cold!)

When forged into a slashing weapon it has a +1 enhancement bonus on damage.

If I were to create a masterwork blue ice long sword, would it be the same as a +1 blue ice long sword — with +1 to attack and +1 to damage — just non-magical?

If the weapon were magical, would this enhancement bonus stack with the magic bonus? For example, would a +2 blue ice long sword give a +2 to attack and +3 to damage?

(Please support answers with references, preferably from rulebooks.)