Hi and welcome to the Community,

Press the F1 key, click the search tab, type in VIP, enter. It means Virtual Project. 

Here is a link to Magix FAQ for the meaning of VIP. It is also the extension used for ACL project files.

Do the same for everything else that you want to look up, F1. The best is to read the manual, or as a bare minimum, look at the Table of contents.