Perl is more powerful than batch scripts but since Perl is not included with windows it seems overkill for tasks such as this one. This should for example work:
FOR /R C:\hello\ %%G IN (*.txt) DO "c:\Program Files\7-Zip\7z.exe" a %%G.zip %%G && del %%G
Note that you cannot do this directly in the prompt, you must save it as a .bat file. It is of course also possible to allow the user to specify the paths and extensions with command line like this:
FOR /R %1 %%G IN (%2) DO "c:\Program Files\7-Zip\7z.exe" a %%G.zip %%G && del %%G
More information about FOR and other windows command line commands can be found here: http://ss64.com/nt/
This would then be run with:
test.bat C:\Hello\ *.txt
EDIT: This obviously requires you to have 7-Zip installed but it's pretty obvious where to change the code if you want to use some other zipper. Also keep in mind to always be Extremely careful when experimenting with scripts such as this. One small mistake could have it delete a lot of files, so you should always test it on a copy of the file system until you are absolutely sure it works.