SillySol's Iconoid allows you to change the colour of text associated with your desktop icons. You can also save and restore the position of desktop icons and, optionally, hide and restore icons by clicking on the desktop.
In order to use Iconoid to change the colour of text you must first turn off drop shadows for icon text. This must be done via Control Panel, System, Advanced System Settings, and then click on the Settings button under Performance. Right clicking on Computer, and then choosing Properties, will only change settings until you logoff or the PC is rebooted.
IcoFX has become a commercial product but the free version remains available although it is unsupported.
IcoFX "has a wealth of tools and is equipped with more than 40 image effects. … The program allows you to create icons for your programs, setup files, or favicons for your website or blog. It also allows you to convert your favorite images to icons, or icons to images. Conversion between Macintosh and Windows icons are supported. Other features include supporting Vista icons with PNG compression, true color, transparency (alpha channel) and batch processing capability. IcoFX allows you to create icon libraries, extract and patch icons inside the executable files. However, on some executable files which I tried, the former seems work better than the latter." (Best Free Icon Editor and Replacer)