TokenTool removes much of the tedium from creating tokens for use with MapTool or your favorite online gaming application. Just drag an image into the background, select a frame, zoom and pan to suit, and drag off a finished token. The resulting token is transparent around the edges and cropped to the size you wanted.
Note that dragging images from Internet Explorer onto TokenTool exposes a bug in the browser which prevents transparent regions of GIF or PNG images from remaining transparent. The work-around is to use Firefox or right-click on the image and save it to your computer, then drag that file onto the TokenTool window.