Are you looking for compression technology that will take, say, a jpg and reduce the file size but still keep the file as a jpg or will something like GZip compression work? In the case of the former I am not sure how you would proceed with this, I am sure there is a component out there that provides this type of functionality but you would have to do some searching on google. As far as GZip compression goes, it is really trivial to compress and decompress a file with GZip from .NET. The relevant classes live in System.IO.Compression.
If you want something like TAR or Zip compression you can check out: http://www.icsharpcode.net/OpenSource/SharpZipLib/
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