Hi Phillip,
Dynamic components are saved as a definition, their size,position and orientation as are other attributes are held within the file, so editing a DC is done by placing it into a new or existing drawing. An instance of the definition is then observed. When edited it can be save via the right click menu, this includes loading it to the warehouse as a component.
So if you download a DC and save it o a dedicated folder, you then you can insert an instance via the component browser. A copy of this definition remains in the drawing file despite deleting all the instances, one needs to purge the drawing to remove all traces.
In regards to the warehouse, I find the drag and drop method best, have an empty sketchup drawing and drag the component file from the download menu to the sketchup interface and drop. This inserts the component and observed definition intact, you are not opening the DC file. Sometimes you may need to explode the DC as it may have been enclosed in another component wrapper
will keep in touch after viewing your posts