From WinCustomize Wiki
IconX enhances your Windows desktop icons. Add shadows, have your icons grow on mouse over, change their color, and more!
A component of ObjectDesktop.
What IconX Does
IconX lets you increase the size of your desktop icons, change the label, add special effects, anti-alias the icons to make them appear smoother, zoom on hover, and much more.
How to Use IconX
Once IconX is installed and running, you can open the configuration window by clicking the IconX tray icon. IconX has several themes included that you can select and use, or you can configure your own theme for use. In the configuration window under the "States" tab you can configure features such as shadows, transparency, etc.
Other options such as sound and special effects are available in other tabs in the configuration. You can also right-click an icon on the desktop and select IconX properties. From there you can apply an alternate icon for use.