Question: I would like to know whether there is any way I can run an absolutely unknown executable file without being hacked even if the file contains a lot of malicious code. Is there any program in which I can run it without putting myself in any risk?

Answer: 
> 
> does this guarantee 100 percent protection?
> 
> 
> 

No. Never. Never ever ever ever ever. Period.

100% guarantees simply do not exist in the real world. If you wanted an example of what might get close to 100%:

* Buy a brand new machine. Put it on isolated power. Put the executable on it
* Disconnect it from the network.
* Run the program
* Don't look at the results (you might be tempted to act on them, breaking the 100% guarantee. For all you know the results may hypnotize you into murdering your dog)
* Power the computer down.
* Put the computer in a wood chipper
* Gather then remains, and pour them into a steel foundry a. la. Terminator 2

Now there are things you can do to *mitigate* the risk. Things like running it in a VM (such as the Amazon Web Service Hollowproc recommend) are powerful tools for strongly mitigating the risk. Wiping the harddrive after use is helpful too. However, there is no 100% guarantee.

For an example of this, consider Stuxnet. Stuxnet is infamous for attacking a nuclear enrichment facility *across an airgap*! It wasn't easy, but it did happen.

A better solution would be to not open a file if you can't say *anything* about how safe it is.
Another thing to consider, is whether this program will attempt to replicate, leak data, or do other damage over the network. To prevent that from occurring, I would recommend using a Virtual Machine. Take care to remove host access (or sometimes called host / guest file sharing) and remove any virtual networking interfaces before running the program in the VM. Good VM hypervisors should give reasonable protection to the data and hardware on the VM host, but if you're really worried about that, consider running it in a VM on dedicated, non-networked VM host.

Also check out [sandboxie](http://www.sandboxie.com/), it's basically intended for running untrusted programs in isolation. This does not prevent the program from making network connections though.