To add a comment to @netMage: It is possible. Not the way you describe but it is. And it's f...in fast! Imagine you can search through ZIP files in any depth you want: Filenames? Yes Content? Yes Recursive archive structure? Yes Without decompression for the search.

and if you found it a quick decompression of that little data set on the fly and shown to you like the original file. What would you be willing to pay for such a software? In the app store for example? You could compress everything lossless and hold it like this...