What is it?
Winzip - winzip32.exe
What does it do?
Winzip has been the most popular file archive tool since the Win 95 days. It is used to easily extract from and add to various compressed archives for easier storage/transfer. Information on what file formats it supports go to this page.
You'll want to keep an eye on this google search for any known viruses. The normal location of this file is C:Program FilesWinZipwinzip32.exe