NeoPaint is a full featured Artistic studio which can be helpful for both beginner's and professionals. It support almost all formats such as

BMP- Windows Bitmap
CAR - NeoBook Cartoon
CUR - Windows Cursor
GIF - CompuServe (supports both transparent and animated formats)
ICO - Windows Icon
JPG - JPEG/JFIF
NPM - NeoPaint Mask
PAL - Palette File
PCT - Macintosh PICT
PCX - ZSoft/PC Paintbrush
PNG - Portable Network Graphics
PSD - PhotoShop 3
RAS -Sun Raster
ST - NeoPaint Stamp (DOS format)
STW - NeoPaint Stamp (Windows format)
TIFF - Tagged Image Format
TGA - Targa
WPG - WordPerfect (raster format only)
WMF - Windows Meta File (raster format only)

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Features

Painting and Drawing Tools

Multi-Level Undo/Redo

Stamp Pad

Multiple Selection Tools

Special Effects and Textures

Color Control

Screen Capture

Picture Browser

Scanner Support

Read more about the product

You can get a free full version of Neopaint just today (May 9, 2011) from GiveAwayOftheDay, which will costs you $25 otherwise.