Rule of Thumb: Given an MDPI, you need to increase the image size by 1.5 times to get an HDPI image, and shrink it by 0.75 times to get a LDPI image.
Launcher Icon: Represents the application on the home screen of the device, used to launch the app.
High-density: 60x60 px
Medium-density: 40x40 px
Low-density: 30x30 px
Detailed design guidelines for launcher icons: http://developer.android.com/guide/practices/ui_guidelines/icon_design_launcher.html
Application Icon: Icon that represents your application in the Android market.
512x512 px, high-resolution icon
Menu Icons: Icons that are used in menus of the application, like a home icon, settings icon, preferences icon etc.
High-density: 48x48 px
Medium-density: 32x32 px
Low-density: 24x24 px
Tab Icons: Icons representing tabs in the application, separate images are created to represent selected and unselected states of the tab
High-density: 42x42 px
Medium-density: 28x28 px
Low-density: 22x22 px
Detailed info: http://developer.android.com/guide/practices/ui_guidelines/icon_design_tab.html
Splash Icon: Icon that is displayed while the app is being loaded. This icon typically fills up the whole screen and has to match device dimensions.
High-density: 480x800 px
Medium-density: 320x480 px
Low-density: 240x400 px
Other useful links:
Tips for designers: http://developer.android.com/guide/practices/ui_guidelines/icon_design.html#design-tips
Templates for creating icons in Adobe photoshop: http://developer.android.com/guide/practices/ui_guidelines/icon_design.html#templatespack