1-2- Free Steganography
1-2- Free Steganography Invisible Secrets allows you to encrypt and hide files in other files (carriers) which are not suspect of encryption (JPG, PNG, BMP). First, It will encrypt the sensitive data using a specified password and cryptosystem (algorithm). ... The resulted carrier (which contains the real message) can be attached to an email message (which is a fake message), or published on a web page near hundreds of other pictures (or other carriers) from where the addressee (the only person who knows which is the right image) can download it without revealing his/hers identity.
http://www.neobytesolutions.com/downloads/invsecr2.exe - 2Mb - Download - Screenshot

PSM Encryptor
PSM Encryptor is a cryptography and steganography tool. PSM Encryptor will encrypt any group of files (including whole directory structures) but will also disguise the resulting encrypted archive as a working sound or image file. Unlike competitors who just wrap a model around encrypted files,... We customise corporate versions free of charge. ... Please contact us for details. ... We are developing variants of PSM Encryptor for corporate use. ... An entirely graphical freeware decoder can also be found on this site and on our own site.
http://demo.powersoftmakers.com/psme.zip - 7Mb - Download - Screenshot