There are a number of different file formats you can create with Corel PHOTO-PAINT, but it isn’t really geared towards creating icon files. Sure, you can create the art in Corel PHOTO-PAINT or your favorite image editor. But you’ll need some other software to help you save that artwork in the proper icon formats.
Sib Icon Editor is a free utility that will allow you to create and save icons in a wide variety of formats. If you read the reviews, you’ll see a number of angry posts saying that the program isn’t free. I can only guess those people somehow downloaded an older version of the software that only had a 30-day trial. From everything I’ve seen, the new v4 is completely free with no time limits. I think you’ll find Sib Icon Editor to be a great complement to your favorite image editing software that will now allow you to create icons of all types.