There is no real maximum icmp packet size. You could ping with a 2MB packet size.
The packets are fragmented to pass along ethernet routes and the problems occur when they are reassembled beyond the 65535 byte limit in the receiver. The packet can only record a size up to 65535 bytes in it's header.
See
http://insecure.org/sploits/ping-o-death.html for more info.
There were many frag-defrag bugs some years ago, but so few now.