Weekend Widget: IcoFX
Just a couple of days ago I had the need to create a "favicon" file for a Web site. I had the graphic already done in Corel PHOTO-PAINT and simply needed to make an icon file. So I saved it as a PNG file and opened it in the freeware IcoFX. Once open, I made a few minor changes and saved as the icon file I needed.
While you may not have a need to create icons on a regular basis, you'll probably need to do so at some point in time. One of the many icon editors I've suggested, may do exactly what you need.