How do I open .uasset files in UE4?

If you drag a uasset file into the project content folder from outside ( ie windows ), you will be able to open it -IF- the asset was made in the same version of the engine ( or a previous one ).

It wont work if you drag a new engine version asset into the content folder of an older project.

Also be aware that it’s very easy to screw up your references by doing this and it’s not recommended.