It's definitely an interesting technology. Theoretically it could work but it would be incredibly complicated. I freeze mammalian cell lines for tissue culture all the time in liquid nitrogen. You just thaw them and they bounce right back and start dividing again (notably, a bunch do die in the process).
That being said, the body is such a complicated machine that bringing things back up to speed after being frozen would be incredibly daunting technologically, if not impossible. The previous poster is right that freezing bodies without any preservatives causes massive cellular damage. This is because water, unlike most compounds, actually expands when it's frozen (put a bottle full of water in the freezer and see). When the water in your cells and blood vessels expand, they smash open. If you thawed those bodies and "woke them up", they would probably suffer incredibly extensive internal hemorrhaging followed by widespread tissue necrosis.
One can overcome this tissue damage by pumping the circulatory system full of protecting, such as dimethyl sulfoxide or glycerol (which is how I freeze my cells). This diminishes cellular damage but after that stuff has soaked through every tissue in the body including the brain, how do you think it's going to function when "awoken". How can you get it out fast or completely enough (perhaps by keeping them partially suspended during prolonged dialysis)?
Much more interesting is the current work in suspended animation. Recently, people have made great strides. One group showed that exposing rats to very low levels of sulfur dioxide (poisonous gas at higher doses) it causes the metabolism to slow to a crawl, the body temperature fall almost to room temperature, and for the rat to be in suspended animation. They seem to suffer no ill effect when awoken. Another group at Massachusetts General Hospital is working on suspended animation to help patients with massive trauma (they are testing it in pigs now). They can remove all the blood (ALL OF IT!), replace it with very cold liquid with free radical scavengers (antioxidants basically) and go to lunch, play chess, forget about the friggin pig. Then they can transfuse chilled (but warmer) blood back in, warm the pig back up with a heating blanket and most of them are just fine.