Would you need 64-bit applications to Compression data in 64-bit version of Windows 7?I think 7-Zip (64-bit) is very useful for you.
7-Zip is open source software.It's File archiver with a high compression ratio.7-Zip works in Windows 98/ME/NT/2000/XP/Vista,also it works in windows 7 fine.
The program supports 7z, ZIP, CAB, RAR, ARJ, LZH, CHM, GZIP, BZIP2, Z, TAR, CPIO, RPM and DEB formats.
This is the way how good software should be written.
Here is 7-Zip (64-bit) screenshots:
Download 7-Zip 4.65 (2009-02-03) for Windows:
Type:.msi(x64 ) Download
Type:.msi(IA-64 ) Download