Home · | Poker Dictionary · | Rules & Strategy Freezeout. Noun. A tournament format in which the loss of all of one's chips permanently eliminates a player. Guys whats the best way to approach Freezeout tournaments. Im at that . I don't play a set strategy but I do have have a few golden rules. Hey guys I was hoping someone could let me know what a freezeout tourny is? How is it ran? All I know is it is a hold'em game. I found it.