We emphasize the inelasticity distribution of events detected at the IceCube
neutrino telescope as an important tool for revealing new physics. This is
possible because the unique energy resolution at this facility allows to
separately assign the energy fractions for emergent muons and taus in neutrino
interactions. As a particular example, we explore the possibility of probing
second and third generation leptoquark parameter space (coupling and mass). We
show that production of leptoquarks with masses \agt 250 GeV and diagonal
generation couplings of O(1) can be directly tested if the cosmic neutrino flux
is at the Waxman-Bahcall level.Comment: Matching version to be published in Phys. Rev.