IconEdit2 4.1

IconEdit2 is an award-winning TrueColor icon editor. It supports ICO, ICL, NIL, EXE, DLL, GIF, BMP and JPEG files for open/extract/convert to icons. Can save your work as TrueColor, 256-color, or 16-color 32x32 or 16x16 ICO, as well as GIF, BMP or JPEG files. Allows you to paint, undo/redo, search for icons in your files and capture any 32x32 or 16x16 screen area. Contains a library of 65 icons.
IconEdit2 is shareware.