RealWorld Cursor Editor - Create cursors for Windows, convert images to static or animated cursors, or customize your cursor.
CursorFX - Create custom mouse cursors with CursorFX.
AniFX - AniFX is a freeware cursor editor.
YoloMouse - An open source tool for changing your game cursor.
Microangelo Toolset - Create Vista icons with Toolset's Icon Editor.
Axialis CursorWorkshop - create, manage and distribute static and animated cursors! This professional authoring tool permits to create hi-quality cursors in minutes.