Read the trace file from SSMS

Considering am having a trace file in the location,

"C:\Program Files\Microsoft SQL Server\MSSQL10.SQLSERVER2008\MSSQL\DATA\audittrace20100707161605.trc" How to open the trace file? Is it possible to fetch it as a table. So that, we can play around the data available in the trace.
Option 1 - We can see the trace file using SQL Profiler.
Option 2 - Use the below query to read the data in SSMS

FROM ::fn_trace_gettable(
'C:\Program Files\Microsoft SQL Server\MSSQL10.SQLSERVER2008\MSSQL\DATA\audittrace20100707161605.trc', default
::fn_trace_gettable -> this function will read the trace file and the output is a table.