See 淒 as the only used-in glyph.「Second time, twice with wife」suggests repetition of some sort of coital action during a single session, this time with more lubrication naturally as a result of the first physical engagement: GREAT!. Moreover, perhaps「one's second wife」may be comparatively preferred over the first (i.e., a second wife was obtained due to dissatisfaction of some sort with the first), hence this time around is GREAT!. On the other hand as it were, both meanings of「two wives」at the same time, and「two with one's wife」may not be very good at all: GRIM, BLEAK, HOPELESSNESS, FRIGID, EXTREMELY COLD.
　Most likely though, the「two states of one's wife」describes her temperament as sometimes GREAT! and sometimes GRIM, BLEAK, HOPELESSNESS, FRIGID, EXTREMELY COLD.
　Literally,「congealed solid, while wife is reaming penis with a bougie」that describes perhaps the worst possible situation in life imaginable, that of coming home with an advanced case of gonorrhea and the wife doing the reaming…think about that one a while.
　A COLD WIFE who is mightier than her husband, GREAT and DREADFUL, so that she can make the rules. Or perhaps the second worst possible situation in which a man may find himself: being married to an「ice wife」describes FRIGIDITY, and that extends to GRIM, BLEAK, HOPELESSNESS as well as FROZEN OUT of bed, in EXTREME COLD. Paradoxically, as with this term also in English slang, the glyph has come to mean the exact opposite, perhaps sarcastically saying something such as「oh, that's GREAT」when in fact a situation is not great in a good way. Nowadays in Japanese however, the term implies no sarcasm and literally means WONDERFUL, AWESOME, perhaps understanding the elements to be「two, more than one at a time」with「one's own wives.」…many men fantasize at one time or another of having「two or three wives」as GREAT, multiple female sex partners simultaneously and bonobo-style.
　A「stiff, congealed, frozen female who is self-pleasuring, firm grasp reaming end-to-end」may be GREAT insofar as she won't care any longer if her husband is out whoring around, since she no longer engages in sexual activity with him, a situation both the wife and husband may think is GREAT for a while as he engages with bunnies, chicks, ewes, pupils, buddies, and so on. Any woman utilizing DILDO ACTION TO SCRAPE HER INSIDES will, over time, naturally prefer that GREAT! experience to a live husband (let's face it: who wouldn't?), particularly if the rod used is battery-powered (not available in dynastic China, but probably they have a manually-powered equivalent)…but the frozen-out husband may begin to feel BLEAK, HOPELESSNESS at least for a while.

Modern definitions (that generally disregard history) …excluding politically incorrect concepts and other meanings deemed offensive today; may list only pigeonholed definitions, euphemisms, or meaningless mnemonics)
Chinese: intense cold; frigid; dismal; grim; bleak; sad; mournful; variant of 淒|凄
Japanese: terrible, dreadful, amazing, great, wonderful, terrific, to a great extent, vast, awfully, very, immensely, weirdness, ghastliness, dreadfulness, awesomeness, to threaten, fierce, tremendous, absurd, cutthroat, intense
Unihan extended: bitter cold, miserable, dreary
EDRDG: uncanny; weird; threatening; horrible