Here's another nice freeware utility to perform that also. it's called Universal extractor.
You'll never need Wipzip, Winrar, 7zip, or any other format to extract files from. Even works for .exe's that are not self-extreacting.
Supported formats:
7-zip archive .7z, .exe ACE archive .ace ARC archive .arc ARJ archive .arj, .exe ASpack compressed file .exe BIN/CUE CD-ROM image .bin, .cue bzip2 archive .bz2, .tbz2, .tar.bz2 CPIO compressed file .cpio Debian package .deb DiscJuggler CD-ROM image .cdi Encoded files .b64, .uu, .uue, .xx, .xxe, .yenc, .ntx Gentee package .exe gzip archive .gz, .tgz, .tar.gz IMG floppy disk image .img Inno Setup package .exe Installer VISE package .exe InstallShield Cabinet archive .cab, .1, .lib InstallShield package .exe ISO 9660 CD-ROM image .iso KGB archive .kgb, kge, .exe LZH compressed file .lzh, .lha LZMA compressed file .lzma LZO compressed file .lzo LZW compressed file .Z, .tz, .tar.Z LZX compressed file .lzx MHTML file .mht Microsoft Cabinet archive .cab, .exe, .imf Microsoft Compiled Help file .chm Microsoft compressed file .??_ Microsoft LIT e-book .lit Microsoft Windows Help file .hlp Nero CD-ROM images .nrg NSIS package .exe Oasis Document Format (ODF) document .odt, .odp, .odg, .ods Office Open XML (OOXML) document .docx, .pptx, .xlsx Outlook Express mail archive .dbx PEA archive .pea RAR archive .rar, .001, .exe Reflexive Arcade package .exe RoboForm package .exe RPM package .rpm SetupFactory package .exe SIS (SymbianOS) packages .sis StuffIt packages .sit TAR archive .tar, .tbz2, .tgz, .tz, .tar.bz2, .tar.gz, .tar.z UHARC archive .uha UPX compressed file .exe, .dll Windows Imaging Format image .wim Windows Installer package .msi Windows Installer patch .msp Windows Update Standalone patch .msu Wise Installer package .exe ZIP archive .zip, .jar, .xpi, .wz, .exe Zoo archive .zoo Universal Extractor | LegRoom.net