Image2Ico
Image2Ico is a powerful and easy-to-use utility for converting images to ico. Main features: - Supports a lot of image formats: bmp, dib, rle, gif, jpg, jpeg, jpe, ico, png, wmf - Supports any icon size 16x16, 32x32, 48x48 - Reads and writes 16 colors, 256 colors, TrueColor and 32bpp...
http://www.coolutils.com/download/Image2Ico.exe - 2Mb - Download - Screenshot

Picture To Icon
Picture To Icon converts images or any part on your screen into icons, resizes the icon and extracts icons from libraries. With Picture To Icon you make nice Windows icons of your pictures and digital photos quickly and easily. Picture To Icon converts BMP, JPEG, GIF, CUR, WMF, Png formats into... Use this tool, you can convert GIF2ICO, JPG2ICO, BMP2ICO, WMF2ICO,Png2Ico, SCREEN2ICO, CAPTURE ICON FROM SCREEN and RESIZE ICON. ... It's possible to convert 256-color icons into true color or any other color.
http://www.qwerks.com/download/8071/pic2icosetup.exe - 667Kb - Download - Screenshot