There was a download of ICONStudio 5.0.0001 on the developer's website when we last checked. We cannot confirm if there is a free download of this software available.
We cannot guarantee that the program is safe to download as it will be downloaded from the developer's website. Before launching the program, check it with any free antivirus software. The actual developer of the software is Caltrox Software Systems. The most popular version among the software users is 5.0. The program's installer file is generally known as ICONStudio.exe. ICONStudio lies within Photo & Graphics Tools, more precisely Viewers & Editors.
From the developer:
ICONStudio is a powerfully advanced icon maker & cursor creator and extractor for the personal computer. The program allows you to create and edit 32x32 buddy icons as well as import and export icons. You can create cursors as well. The program can create and edit icons with image formats in either standard or custom sizes, with color depths up to 256 Colors.
You may want to check out more software, such as XAML Icon Studio, which might be similar to ICONStudio.