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Frostbite Venom does 5 points of damage to Health and Stamina for 4 seconds.
Frostbite Venom is a common poison that can be applied to any weapon including conjured ones, but not spells. Once applied, the next hit will deliver the poison to the target, but will not be used if the weapon hits a wall, for example. (These rules apply to all other poisons as well. See here for full list)
Frostbite venom can be harvested from the corpse of any type of Frostbite Spider. Additionally, the larger the spider the more poison it is likely to yield.