A simple but great tool is MSI Viewer. It allows you to view the contents of MSI files.
As can be seen from the screenshot, you can view the Summary Info, Properties, Files and Registry details contained within the MSI file.

Download MSI Viewer here.

To convert an Icon to be used as a Bitmap you can use this function:

   
private Bitmap IconToBitmap(Icon icon)
{
    Bitmap bmp = new Bitmap(icon.Width, icon.Height);

    using (Graphics g = Graphics.FromImage(bmp))
    {
        g.DrawIcon(icon, 0, 0);
    }

    return bmp;
}

From the manual:

Links:
MSDN Null Coalescing Operator
Aaron Zupancic also has an interesting blog entry