IcoFX - IcoFX is an all-in-one solution for icon creation, extraction and editing.
IconsExtract - Extract icons and cursors stored in EXE, DLL, OCX, CPL files
Icon Slate - Icon Slate lets you easily compose, import and export desktop icons in many formats.
JDraw - Open Source SF.net
Icon Generator - Icon Generator is a little application built on AIR that lets you generate a CS5 or Web 2.
Greenfish Icon Editor Pro - GFIE Pro is a powerful icon, cursor, animation and icon library editor.