Options for IconoMaker
IconoMaker 3.0 allows you to edit icons for Windows 7, Vista, XP, 2003, 2000, ME, 98, 95, NT and other versions. It supports ICO, PNG, XPM, XBM and other graphics formats. Create and edit icons in either standard or custom sizes, with color depths up to 32-bit True Color, with 8-bit alpha channel. Paint tools include: color replacer, color selector, spray can, pencil, brush, flood fill, text tool, line tool, rectangle, curve and ellipse. For Windows XP and Windows Vista icons, semi-transparency is available.

Launching IconoMaker opens a window with a interface similar to the Windows paint program. You can set IconoMaker to open to a new icon window or nothing. The new icon window shows a grid display with the grid matching the resolution of the icon you want to create. Along the left side are a set of drawing tools typical to most paint programs, including a color picker, eraser, pencil, air brush, paint brush and bucket (flood fill), text, rectangles, ellipses and lines. On the right side of the grid is a color chart (256) to choose from 256 colors. The grid overlay is tabbed, allowing you to open and work on more than one icon, either different sizes of the same icon, or completely different icons. Also shown on the right is a display of how your icon(s) appears actual size. With these tools, anyone can take advantage of the grid overlay and fill in the squares to create an icon that maximizes your artistic skills.

More information is here:

We plan to release the following products: iPhone Icon Editor, 64-bit Icon Extractor, Real Icon Set, iOS Share Icon Set, Tab Icon Set, iPhone Tab Bar Icons, Tabs Icon Collection, 3d iOS Icons, Social Tab Icons, Free Tab Icon Collection, Free Social iOS Icons, iOS Icon Set, iOS Interface Buttons, iPhone Tab Icons.
Program details
Downloads month: 3
Company: Icon Empire
Release date: 2010-11-27
Version: 3.30
License: Shareware
Price: $29.95
Supported OS': Windows 98, Windows ME, Windows NT 4.x, Windows 2000, Windows XP, Windows 2003, Windows Vista, Windows 7
screenshot - click to enlarge the File Extensions site!