IcoFX - IcoFX is an all-in-one solution for icon creation, extraction and editing.
JDraw - Open Source SF.net
Icon Slate - Icon Slate lets you easily compose, import and export desktop icons in many formats.
IconsExtract - Extract icons and cursors stored in EXE, DLL, OCX, CPL files
Icono Maker - Icono Maker is an icon maker for Windows.
RealWorld Icon Editor - Create Windows icons and Mac OS icons from images and 3D models in an integrated icon maker.