Since I haven't really seen many posts regarding how to theme your ADW launcher, I figured I'd type up a quick little tutorial.
For starters, it's probably easiest to use NinjaMorph, which can be found in the market. It's awesome, much like everything Stericson has done. At any rate, here goes.
*It's probably safest to make a backup (nandroid or via Rom Manager) prior to this. Also, if you are changing your ADW icons, you'll want to find some prior to doing all of this. I'd hate for any of you to get through a majority of it and realize you don't have any replacement icons lol. Annnyways..
1. Provided you have ADW launcher installed as well as NinjaMorph, open up NinjaMorph and click on new project.
2. Next, scroll to the location of the apk: System -> App -> Launcher.apk (Generally, this is where it should be found) and click on it.
3. NinjaMorph will automatically extract the files for you. Once that's done, click on: Res -> and any of the 3 Drawables that contain icons you want to replace.
4. To the left of the file name is an image of the icon, this should help you figure out which you want to replace. For example, I switched the App Drawer button icon by clicking on "ic_tray_expand.png" in both the "drawable-land" and "drawable-port" folders.
5. After you click on the file name within said folder, NM will bring you back to your SD card, allowing you to scroll to the folder that contains the icon you want to replace it with. In my experience, it's much easier to just create a folder on your SD that contains a bunch of icons. Or, if you use MetaMorph, and have some icon files in there from a past mod, you can just go through the AndroidThemes folder and find the one you like.
6. Once you find the replacement file, click on it, and NM will ask if you want to replace the earlier icon with your current one, hit yes.
7. Once that's finished, click the on-screen back button, and click Finish Project, then click on the project you were working on. Once it completes, click yes to confirm the action and then it'll ask about ZipAligning. Go ahead and hit yes, unless you'd prefer to hit no, it's up to you. Deleting the cleanup is up to you as well.
8. Once it says "All Done", go ahead and press the Home button, select the ADW launcher (for some it may be Home, some Launcher) and you should be all set!
You can change any of the image files within ADW that you want, obviously you should make a backup just in case something goes awry.
Lastly, you don't need to use NinjaMorph to do this, if you're experienced with Root Explorer, or any similar app, you can move/rename the icon files on your own.
Attached is a screen of my current setup.
EDIT: Oops, meant to post this in the Droid Themes forum. My bad!