VirtualDJ is the application that DJs use when they want to use a computer to play their music. VirtualDJ has more options than a simple media player like iTunes. It lets you "mix" your songs, by playing two or more tracks at the same time, adjust their relative speed so that their tempo will match, apply effects like loops etc, and crossfade from one side to the other.
The video editor is intended for editing video files and creating videos.
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Virtual DJ has come a long way, from a simple mixing tool to the awesome giant that it is now. It's a tool that can be used both by professionals and determined amateurs alike, but be warned: it's not your casual audio editor, this is the real deal.
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