You may have questions like:

How to make True Color Icon?
How to make icon with photos?
How to convert photo to icon?
How to convert jpeg to ico file?
How to extract icon from an exe file?
How to extract icon from an file?
How to extract icon from an folder?
How to convert bmp to an icon file?
How to convert jpg to an icon file?
How to convert jpeg to an icon file?
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How to convert icon to an image file?
How to convert icon to bmp file?
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How to convert icon to jpeg file?
How to convert icon to png file?
How to convert icon to gif file?

The Answer is: Use Abonsoft True Color Icon Converter

Please see the demo flash below of how to use it.

Abonsoft True Color Icon Converter can convert any images to true color icons of any size from 16x16 to 256x256. It can also extract icon from any file or from any folder, then convert to a new icon. Just drag a file/folder in, then you can convert it to an icon easily!		$29.95  $24.99
Key features include:  Convert any common pictures to true color icons  Can assign image for each size of the final icon  Can convert an icon file to images  Size can be 16x16, 32x32, 64x64, 128x128, 256x256, or any combine of them  Can extract icon from any file to save to a new icon  Can extract icon from any folder to save to a new icon  Can get image from clipboard to save to a new icon  Support dragging, just drag a file/folder in, then convert it  What you see is what you get, icons in any sizes can be previewed