Everything is possible
Select a few files in Finder or other applications, right-click on them and put them into a new archive or disk image. Extract files from selected archives to the same, recent, favorite or a location of your choice with one click in Finder.
All the above is possible using Springy Services Menu in Snow Leopard and above. The Services Menu can be used from Finder, but also from other applications which support Services Menu architecture. Services Menu needs to be customized in the "System Preferences > Keyboard > Keyboard Shortcuts > Services" settings.