To simulate the 'ice,' I cover a medium to large sized box with white paper and cut a hole through the top. The hole is, of course, just like the hole you have to cut when you're heading out to the frozen lake.
Next you can either make up your own laminated fish with the skill you want to practice or download the differentiated math freebie ones I have HERE.
Print, laminate and cut out your fish, separating them by readiness level, and attach a large paperclip to the end of each.
Get yourself some little rods and attach a string to one end and a magnetic hoop (this is your hook) to the other end. Students take turns (one at a time or the poles get tangled) dangling their hooks into the hole. No looking!
Just like in a real ice fishing hole, you can't see what you might catch. But be careful, there are sharks in these icy waters. If you catch a shark, all your fish (except the shark) go back in the hole.
My students LOVE ice fishing. Every year it's a class favorite. I hope yours love it too.