NORESIZE says that the user cannot make the frame bigger or smaller by sliding the borders. Normally the user can put the mouse over the border and move the border left/right or up/down. NORESIZE disables that ability. All borders that run along the frame are effected. For example, this code uses NORESIZE with the frame for the title bar, and so the border along the bottom of the title bar title bar cannot be resized. However, the two frames at the bottom of the page can still be resized by moving the border left and right.
NORESIZE is the single most hated feature in frames. By disabling resizing, you are forbidding the user from adjusting the screen more optimally. If your text or logo doesn't quite fit in the space allowed, the user is left to wonder what they are missing, and this just makes your site look bad. AvoidNORESIZE.