If you want to find out which file type is opened by which application you normally take a look into the File Types tab in Tools > Folder Options. Unfortunately though this menu that is displaying all registered file types is not listing lots of information especially if you consider that you cannot resize the window which means that you can only see several file types there and have to scroll a lot.
File Types Manager from Nirsoft is an alternative that adds additional information, functions and a window that is resizable. The File Types Manager lists additional information like the default icon, the mime type and the modified time to the list of available information.
Default applications can be changed by pressing F4 or by right-clicking the file type and selecting replace file type for selected extension. A list of available applications will be displayed and the user simply selects on to change the default application.

Selecting a file type and pressing F2 makes it possible to edit the file type. It is possible to change the file description, the default icon, the mime type, the perceived type as well as several advanced options like to always show the file type, to not open the file type in a browser window or to open the file type immediately after download without confirmation.
This is another excellent software from Nirsoft, thanks to Donation Coder who discovered this gem.
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[...] Windows only: FileTypesMan, a free Windows utility, aims to provide more information and customization than Windows’ standard “Folder Options” dialog, and it mostly succeeds. For one thing, you can resize the window displaying all of your systems’ files, which, in itself, makes it a little easier to see than the utilities in some copies of Windows. Secondly, you can edit more than just the application assignments, as you have access to default icons, and print reports in HTML detailing your changes or file assignments. For setting up a new system with a lot of apps competing for file rights, it could be a good thumb drive tool. FileTypeMan is a free download for Windows systems only. FileTypesMan [via gHacks] [...]