Use Opera. I've successfully opened .html files larger than that using Opera.
Opera (web browser)
There will be an initial delay during loading (because the file is unusually large), but after that all should be well as long as your system isn't low on memory.
If your OS is lousy at dealing with large files, one fix is to install Apache HTTPd to run as a local daemon and then place the 230 MB .html file in the DocumentRoot. From there, you should be able to load it with Opera or Firefox relatively quickly (and probably faster than as a local OS-based file) using something like http://localhost/filename.html as the URI; I use this trick to load large .html files faster under Windows.