If you are interested in creating your own typefaces, then "Type Light" is the right application for you. It allows you to design, edit and convert True Type (.ttf) and OpenType PostScript (.otf) fonts. This application is free for downloading and for personal use.
If you are familiar with vector graphics design and have some experience with Coreldraw, MS Draw, etc., you can easily use this application for designing your own typeface, saving them in .ttf or .otf format. The program supports fonts with up to 65535 glyphs. You can map glyphs to any of the 65536 unicode characters.