It can be used to encode and decode binary files onto text files, it will use full file and path names. Wildcards are not yet supported but can be added if requested.
If you have any questions regarding the code, please ask them here.
Source code is included (delphi 7.2) to all of those who wish to use it inside their own applications. The compiled delphi units are also available as open source.
The working syntax is explained whenever you run it without parameters.
Hope this is useful!
EDIT by jaclaz:
Attached WBZIP.EXE (only the executable) and a separate archive with two sources and exes