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7-Zip is a file archiver with high compression ratio.

High compression ratio in new 7z format with LZMA compression
7-Zip is free software distributed under the GNU LGPL
Supported formats: 7z, ZIP, CAB, RAR, ARJ, GZIP, BZIP2, Z, TAR, CPIO, RPM and DEB
For ZIP and GZIP formats 7-Zip provides a compression ratio that is 2-10 % better than the ratio provided by PKZip and WinZip
Self-extracting capability for 7z format.
Integration with Windows Shell.
Powerful File Manager.
Powerful command line version .
Plugin for FAR Manager.