Blender
Blender is a free and open-source 3D computer graphics software product used for creating animated films, visual effects, interactive 3D applications or video games. Blender's features include 3D modeling, UV unwrapping, texturing, rigging and skinning, fluid and smoke simulation, particle simulation, animating, rendering, video editing and compositing.
xNormal
xNormal is an application to generate normal / ambient occlusion / displacement maps. It can also project the texture of the highpoly model into the lowpoly mesh ( complete texture transfer, even with different topologies ). It comes with some useful tools like height map - normal map - cavity map - occlusion - tangent/object space and spherical harmonics tools. All these computations are done using multicore/multithreading, distributed/parallel rendering, ray tracing and advanced GPU techniques.
Sculptris
Sculptris is an elegant, powerful and yet easy to use 3D sculpting software, allowing the artist in you to simply focus on creating amazing 3D artwork. Gone are the technical and often tedious constraints typically associated with digital art. If you're new to the world of digital sculpting, Sculptris is the ideal ground on which to get started. If on the other hand you're experienced in CG, what you will find in Sculptris is a blazingly fast way to realize your concepts. It's intuitive, fun and user friendly, so you can focus as an artist on pure creativity.
MilkShape
MilkShape 3D is a low-polygon modeler, which includes basic operations like select, move, rotate, scale, extrude, turn edge, and subdivide. MilkShape 3D also allows low-level editing with the vertex and face tool. Standard and extended primitives like spheres, boxes, cylinders, etc. are available too. MilkShape 3D also supports skeletal animation.
123d
Autodesk 123D is a hobbyist CAD and modelling tool created by Autodesk. It is similar in scope to Google Sketchup and based upon Autodesk's Inventor product range. As well as the more basic drawing and modelling capabilities it also has assembly and constraint support and STL export. Available for the software is also a library of ready-made blocks and objects.
GMax
Gmax is a 3D modeling application based on Autodesk's 3ds Max application used by professional computer graphics artists. Whereas 3ds Max is a comprehensive modeling, animation, and rendering package with some secondary post-production and compositing features, Gmax is much more limited due to its singular intended use—game content creation.
Free