Pismo File Mount Audit Package can be downloaded for free from Pismo website. After you install the program you will be able to mount a ZIP or ISO file by right-clicking on the file and selecting Mount or Quick Mount from the context menu. Another way of doing it is to launch Pismo File Mount first and then browse for the files you want to mount.
Mounting a disc image as a virtual drive is not new, there are many utilities out there that let you do it. But here is a utility that is worth mentioning here because of three things. First it is freeware, second it is very easy to use, third it has the added benefit of also being able to mount ZIP archives.