The $30 ArtIcons Standard is another entry in the competitive icon editing market, for those who aren't satisfied with the stock Windows icons.
The most recent version of ArtIcons Standard doesn't support the higher-resolution and animated Vista icons, which is pretty much a deal breaker. However, those users who are--wisely or not--sticking with XP will find a full-featured icon ripping and editing utility here. The lack of Vista support really means this is an outdated program, though, and should therefore be freeware rather than $30--and even more for the Pro variation (which offers importing and exporting of images, but still doesn't offer Vista support).
I've reviewed IconCool Editor and the other programs in the IconCool suite in the past, which are price competitive with ArtIcons and offer Vista functionality. Stick with that one, or even try the freeware Greenfish Icon Editor Pro, which also works with Vista icons.