Tool for making and applying palette on sprite art

[ShotokanTuning]

I was wondering what tools you guys use on creating a palette for your sprite art?

And what is the best way to change the colors etc. by applying a different palette?

Thanks a lot,
ShotokanTuning

[Spidermew]

I use fighter factory.
(not fighter factory ultimate though, i havnt tryed that out)

You have to format the image though to edit the palette in fighter factory

here's how