The ACT of zipping it may be dangerous if it is already active and trying to protect itself or if it trojans your zipper / zip or whatever...
ONCE zipped, though, it is somewhat quarantined and safe assuming that other parts of the virus are not already / still infecting your system, in memory, etc.
It is not unheard of, though, that sometimes programs will automatically extract files in zips and try to process them, for instance, anti-virus software or backup software or whatever. You'll have to be careful that the virus doesn't get copied out of the zip file and maybe even run by some other program that is doing something stupid.
A different issue than what you asked, but, It is known that a ZIP *itself* can be a virus, just as an IMAGE like a GIF / BMP / JPEG, or FLASH item can; just the mere act of software trying to load / analyze these file formats or their content can infect the PC. There doesn't have to be obvious "executable content" like a .exe / .com / .dll for something to be an infectious virus, even something that is a carefully formatted DATA file can be infectious, and even if you don't intentionally open / attempt to view / extract it, it can infect the system. Just scanning one of these infectious images / zip archives with an anti virus scanner can infect the system, or just opening the folder the thing is located in can do it.