From G.D.G. Software:
AniTuner lets you create, edit and convert Windows animated cursors (.ani files); use animated cursors to customize the appearance of Windows (desktop themes), or convert and insert them as animations in Web pages, e-mails, documents, manuals or even applications. AniTuner can create animated cursors from animated GIF and AVI; import existing images (BMP, GIF, PNG, PSD, CUR, ICO) to turn them into cursors or animated cursors; add/edit/remove/move frames, change their duration with real preview; export animated cursors to animated GIF, AVI, static BMP and Flash SWF. AniTuner handles all cursor sizes (not only 32x32) and color depths (from 1bpp to 32bpp). Special support for 32-bit cursors with a 8-bit alpha channel (Windows XP cursors). The package includes a context-sensitive help file, an online animated tutorial in Flash format, some sample animated cursors.
What's new in this version:
Version 2.0 improved GIF export,image import and transparency support when resizing and flash SWF export.