Define it more as a pipe please, give it unique artistical look. Currently is substandart or even restricted icon quality.

I have increased the quality of the icon and added some more detail.

It is still quite blurry. You could try to outline each of those bubbles in order to make them sharper, using just a bit darker tone than the color you used as shadows between bubbles. The pipe got some shape problems where lighter grey connects with bottom part of pipe, colored in dark grey, the right side of upper part of pipe (where highlights are) blends with blue outline.

Also your icons are in .tga format, they should be in .blp.

I have now increased the clearness of the icon and improved the shape of the pipe.
The image is now flipped so that the counter window sits in the empty space instead of on top of the pipes head.
Format changed from .tga to .blp.

The pink stuff needs to be defined, not sure if there bubbles coming off of it or it should be smoke coming out of the pipe, im confused. Please define the whole icon itself so its presentable.

Nice idea, however bubbles on the pipe looks unnaturally small and solid compared to the bigger, blurry floating ones, they need a better shading and refinement to fit together. The sfx could also use more effort on their thickness and color.
Set to substandard but feel free to update if you have the time.