A handy Icon editor:
IcoFX 
http://icofx.ro Freeware
Feature list:
* Support for Vista icons with PNG compression
* Create icons for Windows 98 / ME / 2000 / XP / Vista / 7 / Macintosh
* Support for alpha channel (transparency)
* Batch processing for handling multiple files
* Built in resource editor for creating icon libraries or changing icons inside exe files
* Zoom icons up to 10000% for increased precision
* Import image dialog, for creating icons from images
* Convert Macintosh icons to Windows icons and vice versa
* Open, save, edit and convert Macintosh OS X icons
* Extract Macintosh icons from resource files
* Snapshot window for creating overviews of the icons
* More than 40 built in effects, including Drop Shadow
* Use custom filters to create your own customized effects
* Multiple language support
* Resolutions up to 256x256
* Data types: 2, 16, 256, True Color, True Color + Alpha (optional dithering for 2, 16, 256 colors)
* Extract icons (including Vista icons) from 32 bit exe and dll
* Import / export images (transparency also) from bmp, jpg, gif, png, jp2
* Many useful drawing tools like brush, line, rectangle and more
* Transparent, Brighten/Darken, Blur/Sharpen tools for retouching
* Create icon from an image with a single click
* Adjust the contrast, brightness, hue, saturation, transparency and color balance of icons
* Change the dimension of images
* Images can be faded using the fadeout dialog
* Increase / decrease the opacity of an image
* Easy shadow handling
* RGB and HSB color modes
* History of recently opened files
* Window menu for easy window switching
* Possibility to store favorite colors
* Capture image from the desktop
* Grid for precision work
* Side bar for easy image switching
* File Explorer window for easy file browsing and importing
* Full drag and drop support
* Sizable preview window
* Multiple undo
* Blur the edge of the brush
* Rotate the image at any angle
