I don't understand your question quite, your code does extract the variables to the current symbol table, which is in your case the global namespace. Things would be different when you call extract() in a function. Is this what you want, creating global variables by using extract() in a function definition?
If so, you try to assign new fields to the $GLOBALS array in a foreach loop as you proposed... sth like
PHP Code:
foreach ($fetch as $key = $val) {
$GLOBALS[$key] = $val;
}
Because you only need the associative keys of the array, I would recommend fetching the result with mysql_fetch_assoc(), but that's neglectible.