For the mere mortals out there looking to make their GIF, JPEG, and PNG images smaller (and websites faster), I highly recommend ImageOptim (http://imageoptim.com/). This Mac-only tool combines all of the libraries below to compress your images down to the (nearly if not the) smallest, cross-system compatible size.
If you're Mac based, try this:
* ImageOptim http://imageoptim.com/
If you're Linux based, try these:
* PNGOut - http://www.advsys.net/ken/util/pngout.htm
* advpng - http://advancemame.sourceforge.net/doc-advpng.html
* pngcrush - http://pmt.sourceforge.net/pngcrush/
* optipng - http://optipng.sourceforge.net/
* jpegoptim - http://www.kokkonen.net/tjko/projects.html
* gifsicle - http://www.lcdf.org/gifsicle/