From RealWorld Graphics:
Batch Icon Extractor is a simple tool that allows you to extract icon files (.ico) from a given file or directory path. In addition to command-line operation, you can also drag the folder or file onto the program icon to automatically start the extraction. Supports compressed Windows Vista icons.
An easy to use and free tool for batch extraction of icons. Windows Vista compressed icons are supported.
What I like about this program is the the speed of it. I just drag and drop. The command box pops up extracts the icons and then just hit enter. It can't get easier than that.
It's hard to find fault with this little program.
I work a lot with icons and have used many different software's associated with them,, but this is always my first choice. OK it doesn't edit or convert Icons to different formats. Its a one trick pony but what it does do it does well.