Windows Forums member, Batupata, has released yet another great, free tool for Windows 7: AdSevenIconChanger. This tool changes the default icons in Windows 7. Here’s an example of how you’d change the shortcut arrow:
2. Right click AdSevenIconChanger.exe and click Run as administrator.
3. Select the icon you want to change from the drop down box, click Select Icon!, and pick an icon from Windows’ icon dll’s or from a custom location.
4. Click Change Icon, and click OK on the pop up box.
5. Log off and log back on.
6. Now the default icon is changed: