IcoFX - IcoFX is an all-in-one solution for icon creation, extraction and editing.
Icon Slate - Icon Slate lets you easily compose, import and export desktop icons in many formats.
JDraw - Open Source SF.net
Icono Maker - Icono Maker is an icon maker for Windows.
IconsExtract - Extract icons and cursors stored in EXE, DLL, OCX, CPL files
IconXP - IconXP is an icon creator to edit icons. You can make icons for windows XP with this icon program.