Water Level Worries

Dear Uncle Baxter,
They say the water levels would rise all over the earth if the ice caps melted. But, if the majority of ice is below sea level, and ice takes up more volume than water, wouldn't the opposite occur?
Hmmm,
Geoff

Baxter says:
HAI GEOF HAAAI! ah wud like to go too the see side but mah mummy wont let mee. maybe all the see-torts that swim will put the ice bak together and save the worl.
love and tort kisses, BAXTER XXX

Dandelion says:
Dear Geoff,
Something like 85% of the world's ice is in the Antarctic, and about 99% of this is grounded rather than floating. I found these two articles interesting:
http://www.johnstonsarchive.net/environment/waterworld.html
http://news.bbc.co.uk/1/hi/uk/4228411.stm
I find ice fascinating, but mostly when it's in a cocktail. My mummy teaches me about exciting things like global warming, and martinis.
Love,
Dandelion