You can extract the MSI and CAB files out of the EXE bootstrapper using the /extract command. However, as you have already noticed, you will not be able to ...
I would to extract a MS Cabinet file at system startup from the floppy to a virtual drive using EXTRACT.EXE. I found Winlight, a DOS 7.1 and Windows 3.11 based ...
Often the .exe is just a self extracting archive which you can open with winrar ;) doesn't always work, just right-click on the .exe en choose open with winrar.