Well if you are asking for one program to do it all then I would have to say no, but there are several free programs that I commonly use for different purposes when designing/building icons. These would include:
img2icns Iconographer (discontinued but still works fine in Leopard) Fasticns
Icon Composer (included in the OSX Developer's Tools package which can be optionally installed from your Mac's Software Restore disks or downloaded from the Apple Developer's Connection site. Just download the Xtools package after signing up for a free membership).
Of assistance in changing icons the free LiteIcon or the nice commercial program CandyBar make things pretty easy.