The main Icon Viewer window displays all the icons in the selected file, in all their internal formats (including the PNG-based icon format introduced in Windows Vista). Choose Save As or Save All or extract one or all icons from the file.
The icon browser panel at the left of the window makes it easy to find icons: select a folder from the upper section, and the lower section will list all the icons (and exe/dll files containing icons) in the selected folder. Click any item to see the icons it contains.
If you choose Custom Export, you can create a new customized icon file containing one or more of the image formats included in an icon. You can even pick a single image in an icon to save in bitmap or JPEG format (with any background color you choose), or as a transparent GIF or PNG.