Greenfish Icon Editor Pro

I found this really useful 'free' icon editor from a company in Hungary called Greenfish Corporation. Very handy.

NB: All over icon utilities I found on the net were shareware crap and didn't work that well.

Greenfish Icon Editor Pro

This program is a professional, yet easy to use tool for creating icons, cursors, and other small pixelgraphic images. It has a wide range of features, including:

* Opening and saving in ICO, CUR, PNG, XPM, BMP and JPEG formats
* Creating icons up to 256x256 @ 32-bit
* Creating Vista(tm)-compatible, PNG compressed icons
* Sophisticated selecting tools like marquee, lasso and magic wand, as in a professional photo editor
* Creating and testing cursors
* Extracting icons and cursors from executable files
* Dynamic color depth: you do not have to specify it explicitly, Greenfish Icon Editor will determine it for you.
* Painting easily in 32-bit
* Drawing lots of kinds of gradients
* Lots of filters including Remove matte, Drop shadow, Inner/Outer glow and Bevel
* Sample icons are included
* No installation required, Greenfish Icon Editor Pro is absolutely portable
* It is FREE!

Can get it from here.
Greenfish Corporation: "Lots of filters including Remove matte, Drop shadow, Inner/Outer glow and Bevel"