Is there a way to decompile an iPhone binary file in order to extract it\'s resources like images and sound files?
Change your .app file extension to zip and then extract the files. You will be able to get all resource files.
Edit: Removed the assumption that images/sound would be used in another application.
First, off you shouldn't be reverse compiling code so that you can get images/sound files from an iPhone or any other application for that matter.
Second, reverse compiling does not always guarantee a successful file generation of whatever file you're looking for. Whether it's an audio or image file.
It would be a much better approach for you in the long run, and in the process of learning that you either contact the authors of the app and ask for permission to use the images/audio that you're seeking (since you think it's such an awesome sound/image that you can't live without). Or you can do an audio mixing or image generation yourself.
If your lacking the time, skills or applications that would get you the quality of work you're looking for. I would recommend bring in a graphic artist or sound engineer/mixer.
You'd be learning how to manage a group or individual, convey your ideas correctly and informative, and you're more likely to build a better application as a result. And that is something you can't get from reverse compiling an iPhone application :-)
If you have sync the app to you Mac, just open the following folder:
/Users/YOUR_USER_NAME/Music/iTunes/iTunes Media/Mobile Applications
Or open iTunes and go to Apps and right mouse button on the app and select "show in Finder"
An iPhone .app file is simply a folder. If you're viewing it on a Mac (or even on the iPhone with iFile), just remove the .app extension and you should be able to view the resources. On Windows and Linux (tested with Ubuntu 14.04), it should "just work" and you'll be able to view the folder's contents without any renaming.