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#!/bin/bash
if [ -f $1 ] ; then
       case $1 in
           *.tar.bz2)   tar xvjf $1    ;;
           *.tar.gz)    tar xvzf $1    ;;
           *.bz2)       bunzip2 $1     ;;
           *.rar)       rar x $1       ;;
           *.gz)        gunzip $1      ;;
           *.tar)       tar xvf $1     ;;
           *.tbz2)      tar xvjf $1    ;;
           *.tgz)       tar xvzf $1    ;;
           *.zip)       unzip $1       ;;
           *.Z)         uncompress $1  ;;
           *.7z)        7z x $1        ;;
           *)           echo "don't know how to extract '$1'..." ;;
       esac
   else
       echo "'$1' is not a valid file!"
   fi

Very useful. I use it all the time.