It has been suggested that the excesses of high-energy cosmic ray electrons and positrons seen by PAMELA and the Fermi Gamma Ray Space Telescope are evidence of dark matter annihilation or decay in the Galactic halo. To accommodate these signals however, the final states must be predominantly muons or taus. These leptonic final states will produce neutrinos, which are potentially detectable with the IceCube neutrino observatory. We find that with five years of data, IceCube (supplemented by DeepCore) can significantly constrain the relevant parameter space for both annihilating or decaying dark matter, and may be capable of discovering leptophilic dark matter in the halo of the Milky Way.