It could raise levels slightly. By Archimedes principle the floating sea ice displaces an equivalent mass of ocean water, so there's no net mass change. But due to differing densities of fresh and salt water, it displaces slightly less volume of salt water than it will contribute in melted freshwater (by about 2.6%, according to [1]). But this may also be complicated by temperature changes [2].

[1] http://onlinelibrary.wiley.com/doi/10.1111/j.1365-246X.2007....

[2] http://onlinelibrary.wiley.com/doi/10.1029/2007GL030784/full

No, this is incorrect. Most of arctic ice is landlocked: it is currently not in ocean waters. This is why its melting directly contributes to sea level rise.

Imagine filling half of a salad bowl with water, then resting a strainer full of ice on top of the bowl. As the ice melts, the water will drip into the bowl and raise the water level. That's basically what is happening with the arctic ice.

There is enough landlocked ice to raise sea level by 80 meters or so.

Here's a projection that claims it'll rise 2.5 meters by 2040.

http://arctic-news.blogspot.com/2014/07/more-than-25m-sea-le...

You would have been closer to correct if you said sea ice.