This icon editor enables users to create multi-resolution icons in various sizes and color depths, including monochrome, 16 colors, 256 colors, and 32-bit True Color with alpha channel. It comes with useful paint tools for icon modification.

When using IconoMaker, you have access to various painting tools, including color replacer, color selector, spray can, pencil, brush, flood fill, text tool, line tool, rectangle, curve and ellipse options. Additionally, semi-transparency is available for Windows XP and Windows Vista icons.
One of the highlights of IconoMaker is its user-friendly interface. Upon launching the software, you'll immediately notice the interface that's similar to the Windows paint program. You can customize IconoMaker to open a new icon window or nothing at all. The new icon window shows a grid display that matches the resolution of the icon you want to create. Along the left side are a set of drawing tools typical to most paint programs, including a color picker, eraser, pencil, air brush, paint brush and bucket (flood fill), text, rectangles, ellipses and lines.
On the right side of the grid, you'll find a color chart (256) to choose from 256 colors. The grid overlay is tabbed, allowing you to open and work on more than one icon, either different sizes of the same icon, or completely different icons. Also shown on the right is a display of how your icon(s) appear actual size. With these tools, anyone can take advantage of the grid overlay and fill in the squares to create an icon that maximizes your artistic skills.
In addition to IconoMaker, we plan to release the following products: iPhone Icon Editor, 64-bit Icon Extractor, Real Icon Set, iOS Share Icon Set, Tab Icon Set, iPhone Tab Bar Icons, Tabs Icon Collection, 3d iOS Icons, Social Tab Icons, Free Tab Icon Collection, Free Social iOS Icons, iOS Icon Set, iOS Interface Buttons, and iPhone Tab Icons.
If you're looking for a software that offers a user-friendly interface and a variety of painting tools to edit icons for Windows operating systems, IconoMaker 3.35 is definitely worth checking out.
Version 3.35: Improved: Support for PNG8 images with alpha channel