A:  Note:  this code does not work with Win95.  It uses four TImage components to hold the icons to be used.  The icons are changed from a timer.

{CurrentState is a byte that knows which icon is currently displayed.  It is initialized in the form's OnCreate() method.}

procedure TForm1.Timer1Timer(Sender: TObject);
begin
  if IsIconic(Application.Handle) then
    Begin
     case CurrentState Of
       1: Application.Icon := Image1.Picture.Icon;
       2: Application.Icon := Image2.Picture.Icon;
       3: Application.Icon := Image3.Picture.Icon;
       4: Application.Icon := Image4.Picture.Icon;
     end;{case}
     InvalidateRect(Application.Handle, nil, True); {This is critical!}
     inc(CurrentState);
     if CurrentState > 4 then
       CurrentState := 1;
    End;
end;