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Constantly compiling every time you run can be cumbersome as the larger your project/files becomes the longer it will take to compile, therefore, you can open and run the testscript.t_ file from within SilkTest. The testscipt.t_ will be the last compiled .t file so it will run without the need for compilation.
Other files such as Plan.pln files and Frame.inc files work the same way. Compiling of these files create plan.pl_ files and frame.in_, which can be used to run these files without compilation.
There are other files such as Options.opt and Results.res that are also used in SilkTest. Here a very simple diagram that shows where these may be used and created.