FontForge - Free (libre) font editor for Windows, Mac OS X and GNU+Linux
Open Peeps - A hand-drawn illustration library.
Glyphs - Make everything from dingbat webfonts to full-fledged text typefaces in the most Mac-like font...
skribbl - Word guessing based on drawing.
FontCreator - This professional font editor allows you to create and edit TrueType and OpenType fonts.
Fontself Maker for Photoshop - Turn any lettering into color & vector fonts