Image2Icon is a free image to icon converter. Supported image formats include bmp, emf, exif, gif, ico, jpg, png, tiff and wmf. It saves to small, medium, and large size icons (16x16, 32x32, 64x64). Has drag and drop support so you can drag images or image files into the application and it will open them. You will be able to see a preview of the icon that will be saved.

I created this application in about 2 hours because I could not find a simple application that would simply let me create an icon from an existing image and be done with it. Every other tool that I've found that has the ability to do this is filled with a lot of other features that I don't need. There is no installer because you don't need one--just run the application. Clean is good.