One of Madonna's best songs. Actually, so un-Madonna. "Frozen" was a radical change for her. The darker electronic undertones, eastern strings arranged by Craig Armstrong, a touch of Middle Eastern percussion in the opening and her new vocal range were all previously unexplored territory for Madonna. However, the song was a huge success and is praised as being one of her best songs. Its success worldwide also marks it as one of Madonna's biggest hits ever.

You only see what your eyes want to see
How can life be what you want it to be
You're frozen
When your heart's not open

You're so consumed with how much you get
You waste your time with hate and regret
You're broken
When your heart's not open

Mmmmmm, if I could melt your heart
Mmmmmm, we'd never be apart
Mmmmmm, give yourself to me
Mmmmmm, you hold the key

Now there's no point in placing the blame
And you should know I suffer the same
If I lose you
My heart will be broken

Love is a bird, she needs to fly
Let all the hurt inside of you die
You're frozen
When your heart's not open

Mmmmmm, if I could melt your heart
Mmmmmm, we'd never be apart
Mmmmmm, give yourself to me
Mmmmmm, you hold the key

You only see what your eyes want to see
How can life be what you want it to be
You're frozen
When your heart's not open

Mmmmmm, if I could melt your heart
Mmmmmm, we'd never be apart
Mmmmmm, give yourself to me
Mmmmmm, you hold the key

Mmmmmm, if I could melt your heart
Mmmmmm, we'd never be apart
Mmmmmm, give yourself to me
Mmmmmm, you hold the key

If I could melt your heart

HOW CAN LIFE BE WHAT YOU WANT IT TO BE= Life can’t be what you want it to be. Life is not as you want it.
Notice the pronunciation of WANT IT. In standard BrE it is /wʌnt ɪt/ but in Ame, when the T goes after an N it may disappear, so here it is pronounced /wʌnɪt/ .

FROZEN= Below zero degrees (freeze-froze-frozen).

YOU’RE FROZEN= You are very cold, without feelings. You are not human.

YOU’RE FROZEN WHEN YOUR HEART’S NOT OPEN= If your heart is not open, you are frozen. The word WHEN sometimes has the same meaning as IF.

CONSUMED= Obsessed.

MELT= Turn a solid into a liquid. If you are frozen, you are ice. If I melt your ice you will have feelings again and become human once more.

BE APART= Be separate.

YOU HOLD THE KEY= The decision is yours. It all depends on you.

THERE’S NO POINT = there’s no sense = it’s no good = it’s useless.
Notice the preposition IN.
Placing the blame is useless = there’s no point in placing the blame. (it’s nobody’s fault)

PLACE THE BLAME= Declare someone culprit. To say that it is somebody’s fault.
It's more common to say "put the blame" and it always uses the preposition ON: Don't put the blame on me (= don't say it's my fault).

THE HURT= The pain, the sorrow.

True love can only be possible when you open your heart to the other person, trust them and love them unconditionally. In this song, Madonna is complaining about her lover because his heart is not open, so she can’t get to him. She loves him and is trying to melt his heart so that he can love and feel love, but right now, their relationship is as black as everything on the video.