Our lot, blue at the extremities, are freezing! (7)
I believe the answer is:
suspend
'are freezing' is the definition.
(freeze can mean to suspend)
'our lot blue at the extremities' is the wordplay.
'our lot' becomes 'us'.
'blue' becomes 'spend' (I've seen this before).
'at the extremities' is an insertion indicator (some letters go on either side of others).
'us' inserted inside 'spend' is 'SUSPEND'.
(Other definitions for suspend that I've seen before include "Dangle or postpone" , "Hold up or dangle" , "Carry out hanging" , "Interrupt" , "Sends up (anag)" .)