I was browsing through Terr-bo's photostream on flickr, found thanks to Hugo Strkes Back! , when I stumbled across this bizarre image.
"This is a still from a silent film "La Conquête du pôle" or "The Conquest of the Pole" directed by George Melies in 1912. Here is the address of the film posted on youtube, the snow monster appears about 5:30 in." - dan
Weird Wild Realm.com has a review of the film posted here, link provided by Sean T Collins.
Many thanks to everyone else (buzz, Sean Goblin, Quentin, guyllom, Wilb and kabbur) for helping me identify this image!