Clipboard Master contains a compress/zip function that you can use to simply compress files and folders into archives.
You the hotkey second Alt key + Z to zip the last file(s)/folder copied in the clipboard into an archive.
Use the same hotkey second Alt key + Z for unzipping: if the last file copied in the clipboard was an archive, it will be unzipped.
Clipboard Master uses 7-Zip under the GNU LGPL and/or for the RAR unzipper and the GNU LGPL +.
For detailed information, please read the file License.txt in the folder 7-Zip located in the Clipboard Master program folder.