Inside Windows Explorer, select the archive you wish to extract files from. You may select multiple archives if you wish to extract them all. Then, right-click on the selection. A menu will be displayed with many items in it. Notice the following items:
Extract...
Extract Here
Extract to Subfolder(s)
If you wish to extract directly into the folder you are currently viewing, choose the Extract Here menu item. If you wish to extract into subfolder(s) bearing their parent archive names, choose the Extract to Subfolder(s) menu item. Your selection of archives will be extracted!
It's that easy!
Tips
If you wish to extract to a different folder, just drag the selection of archives to extract using the right-mouse button onto the target folder.
If you wish to customize how your archives are extracted, use the Extract... menu item.