If you are searching for a compression software or archiever then 7-Zip is the best one. It's open source and free. You can download it from here. I have used 7-Zip 9.18 beta in Win XP as well as in Win 7.
Just select Ultra from compression level and I prefer using .7z format.
|User interface of 7-Zip|
|Compression being processed|
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