Is this possible? I am about to install Inventor on my PC with the hopes of being able to edit .dwg files. I am currently using Solid Edge but some files are in .dwg and I don't own autoCAD so I would like to know if I can just install Inventor to edit these files?And if so, is it limited? Thanks in advance guys.

Well if you install Inventor you get Autocad anyway as part of the package.  But to answer your question, opening Autocad files in IV is possible, and you can edit it, but remember you then start with a "dumb" solid, i.e. one with no intelligent or parametric features to it. 
 
However there is a facility for download (its part of 2010) for IV 2009 and before, that allows IV to recognise features and make it editable.

It comes with AutoCAD? hmm I will have to install and see. If I were to open up a .dwg file it would not be to make it 3D. I simply want a .dwg editor. And I thought being that they are from the same company I can edit them in Inventor.
 
 

You can edit in inventor, but its a beech. Like the other guy said, when you get inventor, acad comes with it. So just screw inventor and stick with editing dwg's in acad. Personally I hate doing production drawings in inventor. I make everything 3D then export to acad to detail, and find what i missed, if anything.