The MVM files are individual slide show/movie files. They just hold information on one single slide show. The DIP files are entire project files, which means they can reference and hold one or several slide shows (MVM files) and also hold information on DVD menu layout choices you might already have made. So, it's basically a hierarchy - the DIP file is on top and can contain several MVM files (just as references to the MVM files) and the MVM files in turn contain references to all the individual source files (e.g. photos, audio files) used in the show.
So, use the correct function to open the correct type of file. What you want and need to open depends on what you have saved before.