AWicons Lite

This tool allows you to create, edit and also manage icons, cursors and small images. It fully supports Windows XP true color icons and can also work with popular graphics formats.

Application Tools:
Support for ico, icl, cur, ani, png, gif, bmp and jpg formats,
ability to save multiple icons in different dimensions,
color depth selection,
menu of drawing tools for creating your own icons,
support for effects,
a complete help system to make getting started easier.