i don't know what the key on PC is, but look at the bar at the bottom of your inventory screen. there should be a key that lets you manipulate the 3D model of the highlighted item.
On PC, when you have an item selected, move your cursor over the 3d object, and zoom in on it with the scroll wheel. Then you can move it around. I do it all the time.
On PC, when you have an item selected, move your cursor over the 3d object, and zoom in on it with the scroll wheel. Then you can move it around. I do it all the time.
Is your game updated to at least 1.1? The initial release (1.0) had this bug. Which is why people with pirated copies get this problem (Sorry for the accusation, btw.)