Sure, you can add, remove, or change an extension. That file I attached was just a text file until I removed its extension, then Windows didn't know what to do with it anymore. If you added the .txt again, it would open in Notepad again. If you added some other extension, Windows would attempt to open it with a different program, even though that's not really what the file is. Like if you changed it to MP3, Windows would try to open it with the default MP3 player, but the player would come back saying the file was corrupt or something as it has an MP3 extension, but the contents of the file don't match what the program was expecting.
Determining what the file is without the extension is mostly trial and error. First place to start is usually trying to open it in Notepad or some other text editor.