After having installed the iPhone SDK 3.1.2, Interface Builder is not in sync with Xcode anymore. The light indicator at the bottom of the XIB window is grey. IB doesn\'t
Had the same problem .xib files not opening Interface Builder. Fixed by giong into Xcode, load your project up, right-click on your xxxx.xib file, doing to PREFERENCES at the bottom, then GENERAL PREFERENCES, then go to FILE TYPES across the top.
Then change the editor for .xib file types to something else e.g. Textwrangler - then APPLY, then, open up the xxxx.xib file in Textwrangler (or whatever) by double-clicking on it; then go back and change the editor to Interface Builder and APPLY.
Worked for me. Hope it works for you too! :)