Frontbase Image to Icon 2.0
This program allows you to create graphics with your favorite painting program, and then convert them into icon files.
You can also convert icon files into different images. The program supports BMP, ICO, JPG, PCX, PNG, TGA, and RAS formats. You can change the dimensions and the color depths of the images when you convert them. You can also set pixels to transparent, or if the image has a color depth of 32 BPP, you can set an alpha value for each pixel. It also provides a context menu entry.