From The Free On-line Dictionary of Computing (8 July 2008) [foldoc]:
zip
zip file
zipped
zipped file
1. <tool, compression, file format> To create a compressed
archive (a "zip file") from one or more files using
PKWare's PKZIP or a compatible archiver. Its use is
spreading from MS-DOS now that portable implementations of
the algorithm have been written.
zip is also the name of a Unix archiving utility compatible
with PKZIP. unzip is the corresponding de-archiver.
See also gzip, tar and feather.
(1996-08-26)
2. <storage> Zip Drive.
[Jargon File]
3. <functional programming> zip function.