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It should be possible to open Explorer on Windows (or the default file manager in other OS'es) from the context menu on any resource.
It would help to know a bit more about why you think this would be useful. What are some particular scenarios where you need to do this? In any case, this we will not be able to do this for v2, so I'm marking it for consideration for v3.
Sometimes, I'll need to mail a few files from my workspace to another team member, or I'll need to open a command prompt to run a few batch scripts. I think it's reasonable to assume that there will always be some needs an Eclipse plugin is not available for and an existing solution exists in the native platform. Providing an escape to a well-known application usually fits the bill in these cases (I can choose Send To > Mail Recipient from the context menu of a file in Windows, for instance).
Note we are adding support for user-defined tool scripts (generalizing the Ant script support to also allow running external programs), which could address this need. The proposal includes variables for currently selected file, current project, etc. For more details, see the proposal off of the Platform Core team's development resources page. Or follow this link: http://dev.eclipse.org/viewcvs/index.cgi/%7Echeckout%7E/platform-core- home/rfc/0009/index.html
Reopen for investigation
Please look at the current (and soon to be released new work) external tool support. If it does not address your issues, please reopen.