IcoFX - IcoFX is an all-in-one solution for icon creation, extraction and editing.
IconWorkshop - Application to create and manage software icons. A must for developers.
VistaCreate - The VistaCreate is a free and global digital platform which is known for sharing, searching, finding, and creating great art.
IconsExtract - Extract icons and cursors stored in EXE, DLL, OCX, CPL files
Aseprite - Aseprite is an art program dedicated to the creation of pixel art.
JDraw - Open Source SF.net