I was hoping to get some of my holiday baking done soon and was wondering if I could freeze decorated sugar cookies? Would the icing crack or discolor? Any specific methods suggested?

They freeze just fine. If there is a lot of detail, you might want to thaw them in a single layer, to avoid any sticking from the little bit of condensation that might form.
Freeze them with parchment or waxed paper between the layers.

Can you go ahead and individually wrap the cookies and then freeze them? Just curious, or would it be best to do what you said, single layer w/ wax paper between them and then put them out on cooling racks to thaw first and then package?

I have frozen them in individual packaging, like cookie bags. They came out fine. I would still separate them to thaw, just to be extra safe.

What cookie and icing recipe do you use? May I ask?

I usually use Martha Stewarts cookie recipe and a regular royal with a bit of vanilla added.

http://www.marthastewart.com/page.jhtml?type=content&id=recipe1266&rsc=112706_hpdl2_B