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first you should download the Windows SDK for Windows Installer Developers http://msdn.microsoft.com/en-us/library/windows/desktop/aa370557%28v=vs.85%29.aspx. In this software package there is a msi for a program call Ocra found here C:\Program Files\Microsoft SDKs\Windows\v7.0\Bin install it.
Go to the win zip website and download the msi, once you do this open the msi in Ocra on the left hand side go to Property then on the center console at the bottom put in User_WZMUL_Loaction for the property then the value is the path of the key.
The command line below will add a shorcut to the users desktop, start menu and disable auto updates, it will also install the license key.
msiexec.exe /i winzip16-32.msi /qn ADDDESKTOPICON=1 ADDSTARTMENU=1 ADD_WZMUL=1 INSTALLCMD="/noc4u /notip /autoinstall"