With Icon Craft 4.65 you can:
Manage icons, static and animated cursors, icon libraries, image lists
Create and edit smooth semi-transparent icons, static and animated cursors for Windows XP
Create and edit icons in standard and custom sizes, with color depth up to 32-bit True Color
Paint images with gradient and chess fill
Create multi-layer images
Modify images with a variety of effects: drop shadow, opacity, smooth, negative, grayscale, colorize, rotate, roll and mirror
Import and export ICO, ICNS, BMP, JPEG, ANI, CUR, GIF, PNG, TGA, WMF, WBMP, XPM, XBM and Adobe Photoshop PSD image formats
Work with Mac OS Leopard 512x512 pixels icons
Manage icon libraries for better and more efficient image storage
Extract icons from Windows executables, libraries and animated cursor files, ZIP and RAR archives
Download icons from the Internet
Search for icons in folders
Modify icons contained inside executables
Convert or apply effects to multiple icons at once
Export icon captions to text files
Customize your desktop and folder icons