IconArt 2.0   
by ConWare   

IconArt is a highly-compact icon & cursor creator. Icons are used to illustrate programs and files. One example are the shortcuts on your desktop. Cursors are used for mouse pointers.

IconArt allows you to either draw the whole icon or cursor from scratch using all common tools or to import an image to turn into a icon (or cursor!).

The layout is based on MS paint but has a large number of extra tools designed for the publication of both static & animated icons and cursors. It also comes compete with an update & enhance program and easy access to a simple reference guide.