Build is the file which implies coding of all application 
are complete and its ready for execution

Release: The completed build is handed over to testers.

Versions: This is incrementation part of initial build 
which is given after regression testing.

If I'm wrong please correct me.

Build is a Executable file which is handed over to the 
tester to test the functionlity of the developed part of 
the project.

Release is that which we finally hand it over to the client 
of the project after the develpoment and testing phases are 
completed.

Version is the number of releases made according to the 
addition of the requirement of the client.

 Eg of the Version [ Product] may be diff versions of 
Automation Tools like Win-Runner 7.0 , Win-Runner 8.0 etc

Build is nothing but a relase to the testers for testing.

Release is nothing but a release to the 
Customers/Client.,means that ready to use.

Version means -- If there is a minor changes in the build 
then it called it as a version, ex: Winrunner7.1, load 
runner7.2 like that.

BUID is process of converting sourece code in to executable 
code (.exe).

RELEASE is a process of delivering the project to client

VERSION is a name given to the project according to its 
release.
(Oracle 8i,Oracle 9i)

V.Allwin.
helloallwin@gmail.com

Built is nothing but letting the teters to test the 
developed source code of any aplliction weather it can be 
modified better than present. and check all the perfect 
functionalities.
  
release:Is an act or instance of issuing the developed and 
tested application to the clients or just publishing it.

version:is an development or variatiion bought from the 
older source code for better usage

Build - In the refinement of a specific module, the
developer and tester deals with this module in multiple
releases. 
Each such release is called build.

Version - Whenever a new requirement is added to the already
existing version/functionality version will be changed.
e.g QTP 9.2 released with new version QTP 9.5 with new
features and enhancements.

Release - When the developed product(build) is sent to
testing team, it is called Release

Delivery - The refined product will be sent to the client