Extract File Paths from Zipped File?

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I have a huge zipped file that has close to 4,00,000 images. I need these images to be used in a mail merge document via a script that I have already. I usually extract these files into a folder and then specify their paths in my spreadsheet to run my script. However, the number of files are usually very less in number and hence I had no problem in extracting them, this time however I'm faced with a huge file and not much time.. The estimated time shown to unzip these files is frightening. I have two questions:

1. Can the file paths be extracted from the zip file via a macro?
2. Will mail merge run with such a file path and insert the picture into the document?

Thanks a ton!