IcoFX - IcoFX is an all-in-one solution for icon creation, extraction and editing.
PixBuilder - Free Photo Editing Software for PC
RealWorld Icon Editor - Create Windows icons and Mac OS icons from images and 3D models in an integrated icon maker.
PhotoDemon - Lightweight portable BSD licensed photo editor for Windows focused on performance and usability.
IconLover - Icon editor for Windows.
Fotografix - In addition to being totally portable, Fotografix has a ridiculously small footprint.