AFAIK you can't do that via a formula. Although you could insert a hyperlink to any file within the zip archive, it's Excel that will try to open it, not the application with which the extension is associated.
It might be possible to do what you want via a macro, but that depends on whether:
• your player accepts command line inputs; and
• those inputs can be to a file within a zip archive.
A trivial demonstration of what can be done with a macro (aka vba) is:
Code:
Sub Demo()
Shell "C:\Windows\Notepad.exe", vbNormalFocus
End Sub
That little sub will open the Windows Notepad.