This article is from the comp.sys.acorn FAQ, by Paul Vigay with numerous contributions by others.
Yes, there are a number of utilities available, such as ArcDisc or ArcImg. A good first port of call is http://acorn.revivalteam.de/Emu/Emu.html which also includes other useful links to emulating RISC OS machines under Windows.
I don't know if any of these utilities will read the latest F+ format discs, as used by RISC OS 4.
 
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