Research and Development
To extract an icon from a file, use .NET Framework methods. Here is a sample code that extracts all icons from all exe files in your Windows folder (or one of its subfolders) and puts them into a separate folder.
[System.Reflection.Assembly]::LoadWithPartialName('System.Drawing') | Out-Null
$folder = "$env:temp\icons"
md $folder -ea 0 | Out-Null
dir $env:windir *.exe -ea 0 -rec | ForEach-Object {
$baseName = [System.IO.Path]::GetFileNameWithoutExtension($_.FullName)
Write-Progress "Extracting Icon" $baseName
[System.Drawing.Icon]::ExtractAssociatedIcon($_.FullName).ToBitmap().Save("$folder\$BaseName.ico")
}