Dinobuzz, I'm planning on doing exactly the same. It's great to read everybody's suggestions here as it's a bit of inspiration. I started stocking up just after Christmas gone (when all the parents are shifting the old toys to make way for the new acquisitions) and now already bagged an Eskimo set (3466) and the Polar Dinosaur set (3184). I had some toboggans lined up for last Christmas but couldn't remember where i had put them and still can't find them! It's always wet and windy here at Christmas, so I'll make sure we have a White Christmas somehow.
Reindeer seem rather hard to get hold of somehow

If I go ahead with the grand plan, I think what I really need is to get the builders in and have the house extended, or sell some of our furniture (and just keep the tables)

My husband has (rightly) said that if I do take over the living room with Christmas Playmobil that we won't have room for a tree this year

STOP PRESS: Since I first wrote this, I have read Playmovictorian's latest collection of adventures and he mentions Scenic Water. I just googled it, and have found Scenic Snow. I shall probably be making up a baseboard for the display in case it needs to be moved and I think this could be my answer, at least.
http://www.deluxematerials.co.uk/pages/scenicproducts.htm