There are two main groups of files -- ones that have text and can be read with a text-editing tool and those that are in special formats read in for specific applications or games, i.e. binary format.
Install GCFScape found on "Nem's Tools" website. For extracting model (and other related) files from L4D2.
Notepad++ is tool that can be used for editing both groups of files. It is mainly a text editor, but can have a plugin for hex-editing binary format. Also, Notepad++ has "language" files that allow custom highlighting to make files easier to read and edit.
Install Notepad++ from its web site.
Open Notepad++.
Click on Plugins > Plugin Manager > Show Plugin Manager menu item.
Click on Settings button at bottom-left corner of the Plugin Manager window.
Checkmark the Show unstable plugins box. (Sometimes the HEX-Editor plugin lists as unstable, but I have never had any issues with it.)
Click OK button.
Checkmark the HEX-Editor plugin in the list on the Available tab.
Click the Install button at near bottom-right.
Click the Close button at bottom-right.
You might need to re-open Notepad++ before using plugin.
Go to this web page: Notepad++ VDF languages
Download and install the custom text highlighting languages as described there.