What Does "Extract" actully mean?

Community Archives WD TV Live Streaming Firmware
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I’m assuming you’re running Vista or Win 7.

Double-click the ZIP file.

You’ll get a window that shows the contents of the ZIP file, which should be the three files you mention.

Highlight all three, right-click, select COPY … and then paste them to wherever.

If you’re not using Vista or 7, let us know what OS you’re using so we can provide more info.