The sooner the body heat is retained or raised, the better to prevent hypothermia. Getting those wet clothes off asap, wrapping in blankets with you. Rub them briskly to help build up blood flow, build body heat. If you are able to, melt snow in canteen, over that fire. When it is warm enough to drink, have them take sips. If your own body can't give off enough warmth, then go skin to skin under the blanket.
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Oops, forgot to pick my choice. I would go for #2. If you stand on the ice, chances are, it would crack under your own weight, thereby putting yourself in the same predicament.