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From the Freddy vs Jason vs Ash comic series, Freddy uses the Necronomicon to gain god like powers, allowing him to do in the real world what he does in nightmares. His feats include being cleaved in two and laughing about it, replicating himself, turning Jason Vorhee's from a rotting undead corpse into his younger mortal looking self, complete with ability to bleed again (Although he still seems as unstoppable as ever), turning Vorhee's blood relative into another unstoppable killer by activating a "monster gene", making a dozen or so flying claw hands..

Basically, his power was limited by his imagination, just like in the dream world.