IcoFX is a powerful freeware for Windows Vista that allows you to extract, edit and create 2, 16, 256, True Color, True Color + Alpha colored icons with a maximum pixel size of 256 X 256.

“With a wealth of tools and more than 40 effects at your fingertips, there’s virtually no limit to the icons you can create. You can convert your favorite images into icons, or icons into images. With IcoFX you can extract icons from other files, including Windows Vista files. You can easily work with multiple files using the batch processing capability of IcoFX.”

Here are most of the features available in IcoFX:

Support for Vista icons with PNG compression
Create icons for Windows 98 / ME / 2000 / XP / Vista
Support for alpha channel
Batch processing
More than 40 effects, including Drop Shadow
Resolutions up to 256×256
Data types: 2, 16, 256, True Color, True Color + Alpha
Extract icons (including Vista icons) from 32 bit exe and dll
Import / export images (transparency also)
Many useful drawing tools like brush, line, rectangle and more
Transparent, Brighten/Darken, Blur/Sharpen tools for retouching
Create icon from an image with a single click
Adjust the contrast, brightness, hue, saturation, transparency and color balance of icons
Change the dimension of images
New: Images can be faded using the fadeout dialog
Increase / decrease the opacity of an image
Easy shadow handling
RGB and HSB color modes
New: Window menu for easy window switching
Possibility to store favorite colors
Capture image from the desktop
Grid for precision work
Side bar for easy image switching
File Explorer window for easy import
Full drag and drop support
Sizable preview window
Multiple undo
Blur the edge of the brush
Rotate the image at any angle

As you can see, there is no dearth of functionality in the application. It is a worthy alternative/substitue to any paid software.

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