Is there any way to create self extracting archives using truecrypt similar to PGP, so that a user without Truecrypt installed can open the archive on entering the right passphrase.
The easiest way is to carry a portable-truecrypt binary with the encrypted file.
Remember, any self-decrypting technique will be platform dependent.
There is an alternative called AxCrypt.
However, that is changing the encryption tool (away from TrueCrypt), which I do not like.
Update: Use the command line option