The suppot for this format allows you to create a bitmap from an icon, or create an icon from a bitmap. 
Blaze ImgConvert supports icons as follows:
ICO is a multipage file format for storing one or more Windows icons. The background color when you read these images is always black. The size when you write these images can be no larger than 255x255 pixels. 
You can read and write 1, 4, 8, 16, 24, and 32-bit, single-page or multi-page files.