Command/function `extract` in your console

What’s a good way to extract: .zip, .rar, .bz2, .gz, .tar, .tbz2, .tgz, .Z, .7z, .xz, .exe, .tar.bz2, .tar.gz, .tar.xz files on the Mac or Linux?

The goal is to make extract able to extract anything you give it. The command extract uses the free unpackers to support many older, obscure formats like this: .zip, .rar, .bz2, .gz, .tar, .tbz2, .tgz, .Z, .7z, .xz, .exe, .tar.bz2, .tar.gz, .tar.xz