There are a couple of programs available to strip the geometry from embedded files, but usually you would need to create a UV map for texturing purposes.  Recently, I analyzed a prop within Poser which just didn't look correct texturally.  It had an embed geometry.  Once I stripped it out and imported it into UVMapper Pro, it was obvious to me why the textures looked whacky.  The mapping needs to be redone to bring it up to my satifaction.