This adventure is best for a party of low-level fantasy characters.
A mage has managed to control an Ice Lizard (a la Fiend Folio), and uses it to his own ends. In my case, kidnapping a sage. The trick: it can appear to be a white dragon. Thus, the adventure seems very scary indeed from the all the dragon rumours surrounding the kidnapping, but Ice Lizards aren't even pale shadows of real dragons. So, it's exciting, but manageable for low power parties.
Eventually, the party may figure out that it's not a real dragon and gain confidence to attack it (if they were too cautious). The final showdown is between the party, and the low level mage and his pet. For extra excitement, add a few minions, some traps in the lair, etc.
Naturally, the lure doesn't have to be a kidnapped sage, it could be rumours of dragon raids, a fair maiden kidnapping, or whatever you please.