Yes, ms has one. Its called Image Resizer and is a PowerToy for Windows XP. If i remember correctly, the URL is
www.microsoft.com/windowsxp/pro/downloads. Go to the Windows XP Power Toys section and on the right click and download the Image Resizer Power Toy. After you install it, you will be able to right-click any image and select Resize. I've used it for years.
Nathan