You can extract the contents with WinImage. Note that some software installers will not run that way.
More commonly, you point your emulator to an IMG file to use as drive A: or B:, or use WinImage (or a similar tool) to write the disk image to a real floppy disk.
Actually, I would recommend AGAINST using file compression archivers to open IMG files.
The problem is, if there is a compressed file within the image, such as a .CAB file, it will often open that compressed file rather than the image itself. So you won't see the files you actually want.
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More commonly, you point your emulator to an IMG file to use as drive A: or B:, or use WinImage (or a similar tool) to write the disk image to a real floppy disk.
See our File Formats page for more information: https://forum.winworldpc.com/discussion/10444/winworld-archive-format-information
The problem is, if there is a compressed file within the image, such as a .CAB file, it will often open that compressed file rather than the image itself. So you won't see the files you actually want.