I don't think Sandboxie is quite what you're thinking of ICD. That sounds more like a virtual machine.
Personally, I tried Sandboxie for a while (I was actually testing out the photo album.zip virus, that didn't really work in there though), and it works fairly well, but it's not as good as a real VM for complex applications - Visual C# kept dying on me when I was using it.
It doesn't do anything to your PC, so there's no harm in downloading and playing.
I don't know any alternatives though, sorry.