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7 zip is the best free tool to make archives and extract archives is fast and is completely free.

- High compression ratio in 7z format with LZMA and LZMA2 compression

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- Supported formats:

- - Packing / unpacking: 7z, XZ, BZIP2, GZIP, TAR, ZIP and WIM

- - Unpacking only: ARJ, CAB, CHM, CPIO, CramFS, DEB, DMG, FAT, HFS, ISO, LZH, LZMA, MBR, MSI, NSIS, NTFS, RAR, RPM, SquashFS, UDF, VHD, WIM, XAR and Z.

- For ZIP and GZIP formats, 7-Zip provides a compression ratio that is 2-10 % better than the ratio provided by PKZip and WinZip

- Strong AES-256 encryption in 7z and ZIP formats

- Self-extracting capability for 7z format

- Integration with Windows Shell

- Powerful File Manager

- Powerful command line version

- Plugin for FAR Manager

- Localizations for 79 languages

If you want this awesome software you can get it from here directly from their website 

Enjoy !