Yes, Like @NrKNrK said, you can open ISO file with 7-zip, WinRAR, Daemon Tool Lite, or similiar extraction tool software if you run Windows 7, but if you run Windows 8 and up, you just double click ISO file and it will opened in File Explorer.
i assume that ISO file you mean in here contain video, so it might be ISO format for Video-CD (VCD), DVD-Video or BD/Blu-ray disc.
because it from old torrent, i guess it will be VCD or DVD-Video.
if it is VCD, when you open ISO, it will displayed like this:
your movie inside MPEGAV folder and have *.DAT extension
copy and paste DAT file(s) to your HDD and you will be able to play without converting it into AVI, MP4, etc.
use VLC or K-Lite Mega Codec Pack to open *.DAT files
if it is DVD, when you open ISO, it will displayed like this:
your movie inside VIDEO_TS folder and have *.VOB extension
copy and paste VOB file(s) to your HDD and you will be able to play without converting it into AVI, MP4, etc.
use VLC or K-Lite Mega Codec Pack to open *.VOB files
in this method, i use daemon tool lite to mount ISO file.
other method: if you use extraction tool (WinRAR or 7-Zip), just extract your DAT or VOB file(s) inside ISO file.
hope this help...
EDIT: i forget, if you wish to convert DAT/VOB file to AVI or MP4, maybe i can suggest Nero Video or Xilisoft Video Converter Ultimate. both of them are available at TPB