It's a little hard to use, but the nice thing is that it's free, and you can paste an image from your clipboard, so you can use PhotoShop to create the icon, and then paste it into PixelToolbox.
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I hate Internet Explorer! Anyone with me?
i can't remember what i have used way back college, i know it sounds like michaelangelo icon something. what i remember is, i can easily modify icons in that software and create a new one too.