It is entirely possible, if the access is read-only, most probably "solid" images are not possible.
The idea is to use devio and a proxy, like:
http://reboot.pro/to...ng-split-image/
http://reboot.pro/to...vio-and-imdisk/
But of course someone must write (or adapt if existing) the code.
JFYI, the WinArchiver VirtualDrive is Free (should work with all formats since it uses 7z-dll):
http://www.winarchiv...rtual-drive.htm
And of course the Pismo File Autdit package:
http://pismotec.com/pfm/ap/
which works with Zip.
It is worth of note how the good guys at Pismo explain why they put together a new compressed file format (because the compressed file formats are not suited to be used efficiently for "random access" due to lack of proper indexing structures)
http://pismotec.com/cfs/
Wonko