LiquidIcon XP is one of the most popular icon editing apps at present, it's small (360kb), portable, easy to use and free of charge.
We can use LiquidIcon XP to extract .ico files from the EXE (executable) or DLL files, and then modify the icon file with its built-in standard image editing tool. Supports creating 16x16, 32x32 and 48x48 three kinds of size, and allows to export as .ico, .bmp and .cur three types of format.
It's worth mentioning that LiquidIcon XP's mirror function enables us to finish the other half immediately when the first half done, this greatly improves the efficiency.
Download URLs
(v1.0.4 Final | Homepage)