Damon tools will allow you to mount the .Iso image as a virtual DVD drive.
Alternatively you can use 7zip (Or equivalent zip software) to extract the. Iso to a folder.
Personally if this is a once off thing I would not bother with D-tools and just extract the Iso to a folder and run the Install from there, when you are all set (append "patch me" to the eqgame.exe shortcut target path) delete the extracted folder leaving the I so as backup media.
If you have not obtained the .iso file yet then I would recommend a pop-up blocker of your choice alongside a torrent program (uTorrent) and remember to use the magnet links from your chosen torrent site.
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