Ok, so I made this 3 tiered topsy turvy cake, frosted it in buttercream, added the black zebra stripes in buttercream, and constructed the cake. I thought the customer was coming soon to pick the cake up, but she doesn't need the cake until Sunday afternnoon. What did I do? I stuck it in the freezer without thinking about black + freezing = bleeding. What is the best way to fix this? Should I start all over with the frosting or should I cover the tiers in fondant? I'm leaning toward the fondant idea because either way it's more work. I am going to have to stick it in the refrigerator until tomorrow because it seems fragile. Any ideas???

I would definitely start all over with fondant. I'm sorry this happened to you. It looked like it was a cute cake before the bleeding.

Sorry 'bout your troubles. I would totally be freaking out if that happened to my cake. I don't see how else you could fix it other than redo'ing the icing either buttercream or fondant. That is if you plan on keeping the exact same design.
Looks like you have soooo much condensation on the cake. If you put it near a fan perhaps that will dry up....maybe, just maybe then..you could make those exsisting stripes wider and longer to hid the dripping color with more black icing and then add some stripping to the bottom tier to hide those drips. I dunno if it would work but it's worth a shot if you don't have time to redo it.
Oh, and unless you have a perishable filling in that cake, i would leave it out of the fridge to prevent further condensation. Best of luck

Thank you both for your replies. I did end up starting over with fondant, and it turned out ok. The customer loved it, but I learned my lesson!!

Glad to hear it all worked out. ;0)