Add this to your ~/.bashrc

extract () {
   if [ -f $1 ] ; then
       case $1 in
	*.tar.bz2)	tar xvjf $1 && cd $(basename "$1" .tar.bz2) ;;
	*.tar.gz)	tar xvzf $1 && cd $(basename "$1" .tar.gz) ;;
	*.tar.xz)	tar Jxvf $1 && cd $(basename "$1" .tar.xz) ;;
	*.bz2)		bunzip2 $1 && cd $(basename "$1" /bz2) ;;
	*.rar)		unrar x $1 && cd $(basename "$1" .rar) ;;
	*.gz)		gunzip $1 && cd $(basename "$1" .gz) ;;
	*.tar)		tar xvf $1 && cd $(basename "$1" .tar) ;;
	*.tbz2)		tar xvjf $1 && cd $(basename "$1" .tbz2) ;;
	*.tgz)		tar xvzf $1 && cd $(basename "$1" .tgz) ;;
	*.zip)		unzip $1 && cd $(basename "$1" .zip) ;;
	*.Z)		uncompress $1 && cd $(basename "$1" .Z) ;;
	*.7z)		7z x $1 && cd $(basename "$1" .7z) ;;
	*)		echo "don't know how to extract '$1'..." ;;
       esac
   else
       echo "'$1' is not a valid file!"
   fi
 }

Now just type

$ extract <FILENAME>

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CategoryComputing.Shell