Cause and effect folks. The volume changes will only be due to changes in density of the water once the icecube has melted. The change in density depends on the temperature of the water to start with and how much mass the icecube has is in relation to the mass of water.
This density change is incy wincy in a normal pint glass/normal sized icecube - see link in my previous post, and for all intense purposes can be assumed to be zero.
As far as ice caps melting and all that, the model of icecubes melting in a glass of water is a little too simplistic.