The code below will extract icon from file and convert it to png but without alpha transparency ?
var IconIndex : word; icon:TIcon; png:TPngImage; bm
The PngComponents contain a unit PngFunctions.pas, where you can have a look at
procedure ConvertToPNG(Source: TGraphic; out Dest: TPngImage);
There you can find the code to convert a TIcon into a TPngImage - or just use that procedure.