You would expect it to have something to do with clocks, but it does not.

 

Instead, Clockmaker Icon Generator is a free Adobe Air-powered graphic generator.  It will allow you to create CS3 and Web 2.0 style icons with ease!  Here's a screenshot from me playing around with the program:



No real expertise needed.  Just type in a few characters into the "logo name" box, choose your color, and then hit the "Create Icon" button.  It also exports to 128x128, 48x48, 32x32, and 16x16 (images are also in the .png format) Super easy!

What do you think? Download it, and give it a shot!