FM 12 changed the behaviors of Container Fields.
You can still open the container-stored files in their native apllications using the Open URL using the calculated file path to the original file, if you save the path into a text field when importing the container content. Or you can export the contents to a path set by a $$variable and then open that file to edit it.
Editing of actual files in Container fields must be done outside of of FileMaker, and, if you make changes, you need to re-import/store the edited content if you want to have the latest version in FileMaker.
You can also set the field to interactive behaviors via the Inspector tool options, but that setting does not open the file for editing.
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What you are describing is OLE and that has been removed in FM12. It's pretty old (and buggy) technology anyway but I can see how it would reduce your functionality. Stephen pretty much outlined your options although I'm not a fan of the first one (Open URL) because it assumes file sharing on container data that is managed by FMS except if you store the files by reference only.