bin generally means binary. They tend to be CD images, or DVD images. What do you think the file is? Something you've downloaded?
If it's a VCD image, then vlc will open it without you having to burn a CD.
If it's some sort of CD image, then you can either use a program like Nero to burn it to a CD and then use it that way, or get a virtual CD-ROM app like DaemonTools to pretend you have another drive on your computer, and load it that way.