I think you'll have to import the project via the file->import wizard:
http://www.coderanch.com/t/419556/vc/Open-existing-project-Eclipse
It's not the last step, but it will start you on your way.
I also feel your pain - there is really no excuse for making it so difficult to do a simple thing like opening an existing project. I truly hope that the Eclipse designers focus on making the IDE simpler to use (tho I applaud their efforts at trying different approaches - but please, Eclipse designers, if you are listening, never complicate something simple).