ArcGIS Raster Calculator
Video #33
This video shows a simple demo of the Raster Calculator that comes with the ESRI Spatial Analyst extension. This extension is an additional cost to ArcGIS Desktop (ArcMap).
I create a new raster using values, from an existing SRTM GeoTIFF raster dataset, that sit within a range of cell values specified in an expression.
Note I have already created 2 other videos that cover this very same functionality - one for MapInfo and the other for QGIS.
I have created this 3rd video of the same feature so you can compare all three.