Virtual reality (VR) involves immersive computer-generated simulations that can simulate experiences through sensory feedback. The document traces the history of VR from early flight simulators to modern hardware and software. It describes the key components of VR systems, including head-mounted displays, audio units, gloves, and tracking interfaces. Applications of VR discussed include entertainment, medicine, manufacturing, and education/training. Advantages are its ability to train users safely, while disadvantages include high costs and limitations of simulated experiences compared to real-world training.