With Ani.cur.ico Editor you can:
Create and edit animated cursors
Create and edit icons for Windows XP in 32-bit color depth with 8-bit alpha channel
Import .ico, .bmp, .jpeg images into icons
Export icon images to .ico, .dib, .bmp, .jpg files
Extract icons from Windows executables, libraries, animated cursors
Modify images with rotate, roll, mirror, transparent effects.