How do I maneuver through this kind of old school drop down lists in windows?

[Raghava Doregowda]

I tried using Controlsettext but I'm not able to change the text of the ComboBox1 (That's Labelled "Bounced Files") to say a folder in Local Disk (C:) named "New files". You can see that on the left bottom corner of the pic, there's a non-configurable display box showing the address of the folder. Only that changes, but the changes aren't reflected and registered once I press Open or the "Use current folder" option. How do I set the fields in this type of old windows dialogue boxes? I find a lot of problem using this with AHK and it would help me a lot if someone had any ideas to help me work through this.