I would simply like to extract some level and character models from the game Orcarina of time: legend of zelda; I know there used to be a utility called the tool of time or something to that extent.

Now all I would like to do is simply extract a model in .ojb with its textures; how would I do this?

http://uk.youtube.com/watch?v=l7mNQEPcZCA

that's one of cooliscool's(uot author) videos. there's a download link to the newest version in the video description.

nope. but i think that the most recent update include ZRE. also, you'll have to find the correct model/s manually unless you have the debug ROM, which has file names for everything.