If you're lost on what version to install, go here
http://www.7-zip.org/download.html and give the second link (.msi 32-bit for x86 systems) a try. I personally use 7-zip over the others for the sake that it doesn't nag me to purchase anything.
Also, it's super helpful if you need to break large files up into smaller volumes (I often have to do this if I'm trying to move an .iso onto my external hard drive since it's formatted as Fat32 for Windows and Mac compatibility but won't accept files over 4 GBs in size).
If you want to get really geeky with it, you can also use it to encrypt and password protect important digital documents (taxes, etc.). I'm sure there's some genius who knows how to break that code though.
Anyhow, I like 7-zip :)