ToYcon the software developped by Lefreut, author of  TrueTransparency, is now in version 0.9.  
 
   
 
This simple and easier application lets you to convert your image (png, bmp, jpg, tga and aslo gif) to icon (ico files) by simply dragging and dropping images onto its box-shaped interface, and inversely.

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great, one of my favorite app ^_^