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It is one of the tools to develop "quick and dirty" applications. You can develop simple applications like "Calculator" etc. There is huge list of components that is accessible, under Visual Basic, that would help you create applications based on existing functionality of the components. For instance, there is color dialog box (the one you see on double clicking any color in MS-Paint, in the color selection box, usually at the bottom of the screen), which is automatically displayed on the screen on the click of a button. If you are able to find the right components and able to put it together, that's it!
You can also access databases(or db apps) such as Microsoft Access, MS-SQL server for database related projects.
Concentrate on the functionality of an application before decorating it, because, there are many tools (usually third party) for "visually appealing" apps.
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