Are there..

[Former-GM-Nara]

I'm an Amateur Spriter :O And what I use is just Photoshop with a pencil tool. Each color has 8 shades to play with that you just have to put in yourself. I recommend you take an existing sprite and pull it apart then base your item on it.

For the other proper tools you'll need go here:
http://ratemyserver.net/index.php?page=download_tool

Get the following programs:
GRF Tool - to extract the GRF file which holds all the RO sprites
SPR Conview - lets you turn sprite files into bmp files and vice versa
actOR - to edit the acts which basically say where the gear gets placed on a character.

Those and photoshop are your basic tools you need to sprite. Actor sucks honestly but its the best you can get. Hope that helps.