Submerging packaged chicken in a cold water bath is one of the best ways to defrost it. (DO NOT USE HOT WATER!) However, given the opportunity for bacteria growth, it is not recommended you refreeze chicken after thawing with cold water.
If frozen chicken has been sitting out for more than 2 hours, it’s not safe. You shouldn’t even cook it at that point. The risk of foodborne illness is too significant.
Refrigerator thawing chicken may take longer than most methods, but it promises maximum food safety and is very hands-off. Added bonus: You can refreeze it if needed.