It's encrypted - without writing a custom tool to handle it you cannot edit that file.
Note: I'm assuming you mean the play.dat that controls all the settings for play.exe (links, sounds, timeouts, etc). Here is what the decrypted version looks like for reference.
Code:
[Start]
#中央显示类型:0 图片,1 网页;
Type=1
Interval=5000
[Image]
count=1
Image1=1.bmp
[Web]
count=1
web1=EMBEDPAGE
[IE]
#游戏官网
Office=HOMEPAGE
OfficeTitle=
#注册账号
Register=REGISTERPAGE
RegisterTitle=帐号注册、激活指南
#退出游戏
Exit=EXITPAGE
ExitTitle=
[Sound]
#LOGO
LogoOver=
LogoClick=
#游戏官网
OfficeOver=
OfficeClick=Office.wav
#注册账号
RegisterOver=
RegisterClick=Register.wav
#进入游戏
EnterOver=
EnterClick=Enter.wav
#退出游戏
ExitOver=
ExitClick=Exit.wav
SimplifyContinueOver=
SimplifyContinueClick=
SimplifyBackOver=
SimplifyBackClick=
[Title]
size=12
bold=0
font=TrueType
color=99FFFF
pos=
text=
[Content]
size=12
bold=700
font=TrueType
color=99FFFF
linecount=0
[Str]
STR_PLAY_HIGH_TIP=If\32your\32graphics\32card\32supports\323D\32Anti-aliasing,\32this\32setting\32will\32be\32your\32best\32option.
STR_PLAY_NORMAL_TIP=The\32game\32will\32run\32with\32the\32standard\32graphics\32settings.
STR_PLAY_LOW_TIP=The\32game\32will\32run\32smoothly\32in\32this\32mode,\32but\32most\32of\32the\32visual\32effects\32in\32the\32game\32will\32not\32be\32displayed.\32Dynamic\32reduction\32will\32reduce\32the\323D\32quality.
STR_PLAY_SIMPILYCONFIRM=\32\32The\32game\32will\32run\32smoothly\32in\32this\nmode,\32but\32most\32of\32the\32visual\32effects\nin\32the\32game\32will\32not\32be\32displayed.\nDynamic\32reduction\32will\32reduce\32the\323D\32quality.\nWe\32suggest\32you\32choose\32the\32standard\ndefinition\32or\32high\32definition.
[Tip]
MaxWidth=2000