The File Types tab has been removed from Folder Options. This feature was available from Windows 95 up to Windows XP and Windows Server 2003.

The File Types
tab allowed users to change the file associations for various types of
files. It allowed configuring which application would open when a user
clicked on a certain type of file, or allowed manually defining a new
file extension, defining/editing custom secondary actions, showing
extensions only for specific file types, or customizing the file icon.
While there is a more simplified option to change the file
associations, called Default Programs in the Windows Vista
Control Panel, this option only allows users to change the default
action that occurs when they double click a file. It does not allow
users to choose which application would load if the user were to right
click on a file and then choose a secondary option such as Edit.

The Open With dialog box in Windows Vista also uses the corresponding Default Programs API which limits only one registered application to be set as the default program. It is also not possible to navigate/jump to a particular extension
using the alphanumeric keys on a keyboard; scrolling is required.

http://en.wikipedia.org/wiki/Features_removed_in_Windows_Vista#Windows_Shell