Balea Lake is situated at an altitude of 2034 meters in the Făgăraş Mountains right in the heart of Romania. It is located roughly half way between Sibiu and Fagaras. During the summer months it is accessible via the Transfăgărăşan road that snakes upwards through the mountain range. There are many spectacular views to be found taking this route, though if you are travelling in early summer do take care of the ice / snow. During the winter months one can get to the lake via cable car. If you are feeling adventerous you can always visit the Ice hotel. One can see a live webcam stream of the general area from here.
Some other useful links
http://balealac.ro
http://www.balea-lac.com