I don't know about the Kobo, but I have a Sony 505 and have an account there. I have ADE on my computer and have my computer and Sony registered with ADE. These are DRM'd epub files.
I click on "add to library" so it will be save for me there.
Next, I click on "download".
When the window opens, I click on "open with" Adobe Digital Editions.
Then I click on "OK".
Then ADE opens and shows the book there.
From our MR Wiki:
Quote:
acsm
When you download an encrypted DRM file such as one from a library you might see a .acsm file instead of the file you wanted. Generally this is invisible if everything is set up correctly.
The .acsm file is a small transfer file that contains the encryption codes necessary for downloading the actual eBook. All you should need to do is open the .acsm file using Adobe Digital Editions. Usually, when you install ADE it tells your web Browser to do this automatically when it sees an .acsm file.
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I hope this helps.