Ryan, you could've done the if-then-else comparison saving yourself an if statement and the repetition of another:

alias emoticon {
  tokenize 32 $strip($1-)
  if ($count($1-,PRIVMSG,IMAGE)) {
    if ($4 == $me) {
      echo -t $remove($gettok($2,1,33),$chr(58)) $remove($gettok($2,1,33),$chr(58)) $replace($1-,smile,:),sad,:(,cry,:'(,$&
        mad,D:<,tongue,:P,kiss,:*,smirk,:>,surprise,:o,undecided,:\,indifferent,:/,evil,>:D)
    }
    else {
      echo -t $4 $remove($gettok($2,1,33),$chr(58)) $replace($1-,smile,:),sad,:(,cry,:'(,$&
        mad,D:<,tongue,:P,kiss,:*,smirk,:>,surprise,:o,undecided,:\,indifferent,:/,evil,>:D)
    }
  }
}

It's either the nick equals $me or not. A simple true or false.