Creating Ultimatelaunch Icons

[Synned]

Whats up guys
I'm having trouble making UL icons. I installed a plugin for Photoshop CS2 that allows me to save as .ico, but they come up as invalid format in UL. I tried changing mode from RGB to Indexed, still no luck.
What am I doing wrong? It doesnt ask if I want to save 32 bit or not, just gives me an option .ico or .png.