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In general, Inventor doesn't let you make changes to library files, which include Content Center files.  There's a few ways to deal with that.

 

For iProperties only:

  1. Make changes through the Vault client software.  Do a 'Get' to download the latest version to your local machine.
  2. Check out the file through Inventor or the Vault client, then use the iProperties editor through Windows Explorer.

For any changes (iProperties, geometry, material, appearance, etc.):

  1. Check out the file through Inventor or the Vault client.  Delete and replace file with the new version as @tyler.warner indicated.  Update any assemblies as needed, and check back in through Inventor.
  2. Create a project file that doesn't include any library folder references.  It will likely have to be a single-user type, so you'll need to check files out in your normal Vault project first.  Make your changes, then switch back to the Vault project and check the file in.