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I'm not sure how legit this is. It uses parts of the defunct free intervideo player, meaning it has only downmixed stereo ac3 playback, so i guess it's somewhat legit. LINK

I actually searched far and wide for such a thing, to the darkest depths of google. No luck. But while doing so i stumbled upon a freeware multi-archiver called Zip Genius. It made me so glad to have found it that i uninstalled it, installed it back to the system directory and erased it's entries from add remove programs. It was so good that i wanted to feel it was actually part of the system. See for your self http://www.zipgenius.it/index_eng.htm