Sounds like you're double-clicking, not dragging. What OS are you on? Put Back was introduced in 10.6. It's not always there, though, depending on the original location of the file.
Unless I am missing something the reason you cannot open the file is because it is still in the trash folder. Simply drag it from the trash to your desktop. Then double-click the file and it will open.
Unless I am missing something the reason you cannot open the file is because it is still in the trash folder. Simply drag it from the trash to your desktop. Then double-click the file and it will open.