Simplify the given expression.

$8-5÷2^3\times 3+(7÷7\times 7)÷7+(3\times 6÷\frac{1}{3})\times \frac{1}{3^3}$

The correct option is $\frac{73}{8}$.

We are given the expression to simplify:

$8-5÷2^3\times 3+(7÷7\times 7)÷7+(3\times 6÷\frac{1}{3})\times \frac{1}{3^3}$

Using the order of operations (BODMAS/PEMDAS), let's simplify each part step-by-step:

Step 1: Simplify the first bracket term:

$(7÷7\times 7)÷7$

Working inside the parenthesis from left to right:

$7÷7=1$

$1\times 7=7$

Now perform the division outside the bracket:

$7÷7=1$

Step 2: Simplify the second bracket term and its multiplier:

$(3\times 6÷\frac{1}{3})\times \frac{1}{3^3}$

Evaluating inside the parenthesis:

$6÷\frac{1}{3}=6\times 3=18$

$3\times 18=54$

Now, multiply by $\frac{1}{3^3}=\frac{1}{27}$:

$54\times \frac{1}{27}=2$

Step 3: Simplify the division and multiplication term:

$5÷2^3\times 3$

Since $2^3=8$:

$5÷8\times 3=\frac{5}{8}\times 3=\frac{15}{8}$

Step 4: Combine all terms together:

$8-\frac{15}{8}+1+2$

Combine the integers first:

$8+1+2=11$

Now subtract the fraction from 11:

$11-\frac{15}{8}=\frac{88-15}{8}=\frac{73}{8}$

Thus, the simplified value of the expression is $\frac{73}{8}$.