UPDATE: This software seems outdated. Take a look here for an alternative… Link and here is the Gamemaker full list
Open RPG Maker is a free and open source 2D RPG creation utility, similar to the popular RPG Maker series. Open RPG Maker is mostly based on RPG Maker 2003, but with some added features, and more advanced usability. This tool will allow users to create 2D RPG games similar to the original Final Fantasy games, such as FF5 and FF6. Though it will also support the creation of games following a Zelda like playability. Unlike the RPG Maker series, Open RPG Maker will have the ability to play more than just midi and wav music files. Open RPG Maker will also be using 32×32 tiles of up to 24bpp, instead of the 16×16 8bpp limit in RPG Maker 2003. Also, Open RPG Maker will support more than just PNG graphics formats.