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:
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):
And of course the Pismo File Autdit package:
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)