Are you trying to save the zipped file on a FAT32 partition? A FAT32 partition does not support a file size greater than 4 GB. So, you will have to either reduce the file size or use NTFS partition, if you're using FAT32 partition.
AFAIK ... it's not a problem with Winzip ... it's a problem with .zip file format
zip file algorithm has a limit of filesize upto 4GB
If you want to compress larger files ..
use other compression formats .. like .rar (Winrar) or .7z (7-Zip)
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