Select Preferences, General and then the Helper tab.
Click on "Create New Type" to specify the HyperStudio file info so Netscape knows what to look for (MIME type - application; MIME Subtype - HSTU) - see diagram below.
Fill in the Extensions with STK,HS (files must use the suffix .STK or .HS for this to work); click on Browse and select the HyperStudio application. Set your Action to Launch Application. (see diagram below)
Note: a small number of people have reported that Netscape will not always "keep" the configuration settings. This results in files that are downloaded and start HyperStudio, but then are not recognized as "stacks". The most likely cause is that Netscape is not applying a true binary transfer because the ".STK" or ".HS" extension is missing. One solution appears to involve deleting Netscape and its associated preference files and then re-installing.