I have an exe file with this icon inside this rar archive. I suspect this exe file was created by some windows setup creator and now I am looking for the possibility to extract / take a look at its contents without actually running it (as executing it produces an error - some terms of environment are not fulfilled).

I have no idea what that icon is but have you tried
Universal Extractor on it? It's pretty good at unpacking most things
Also what do the file properties say - any clues there?

I haven't tried UE, yet, only WinRAR so far and it didn't recognize any known format.
Properties show nothing special - type of file: application.

Try IZArc, that handles every compression format I've ever encountered. It's free as well.

I've seen that Icon before...Just the Kings Bounty installer or Patch Icon I believe. It probably doesn't work because you have the GOG Kings Bounty version, and it thinks you do not have the game...It probably wants you to enter some CD or some such. I don't know. They just probably gave you the wrong patch man, that's my guess. But, I'm no pro, so don't mind me. ;-)

With 7.zip you can go inside the .exe and look at the 4 files inside. Flat out extraction throws a bunch of errors though.