Going From
to
In Photoshop (Sorry PSP users!!) - Selective Color
Open your image and crop to 100x100
Duplicate and set to screen 50%
Image > Adjustments > Hue & Saturation (NOT a New Adjustment Layer!!)
Master: 50
Red: 50
New Adjustment Layer > Selective Color
Reds: -100, 20, 50, 45
Yellow: -100, 0, 56, 0
Whites: 0, 0, 0, -100
Neutrals: 68, -13, -50, 15
Add some text or whatever and you're done!
Other Icons made with same settings