Video Conferencing:
Using a computer, video camera, and network such as the Internet, to conduct a live conference between two or more people. Video conferencing is an extremely useful method of communication because it saves people the time and expense of travel and can often accomplish many of the things a physical meeting can. A two-person videoconference is known as point-to-point, while more than two people involved in a session is a multipoint conference.
From: www.scotsmist.co.uk/glossary_v.html