Today I've written a program that converts .png:s to 32 bit icons. If you dare, you may get and try it here. It is not very tested.

Also, it's a command line program, and it only creates 32 bit icons, but it can add them to other icon files, so if you want icons with support for old color formats, first use another program such as png2ico.

Or you can just ignore both these programs and use some other program such as SnIco. But then it won't be as easy to add icon creation in makefiles and such fun stuff. Mwhahaha!