Now you could with SimplyIcon!
Note: SimplyIcon requires the .NET Framework (version 2.0 or higher).
Setup
The is no install required with SimplyIcon.
This is the window that you will see once you start SimplyIcon.
To create custom icons, just drag-and-drop the image into SimplyIcons window area.
It will place the new icon into the folder or location where you have the original image stored.
Links
Download SimplyIcon (version 1.1)