Theatrical version of a movies is just the (edited-for ratings) version released to be screened in theaters or cinemas.Mostly,straight-to-DVD movies are unedited,unrated or uncut.In other words Directors Cut.
The DVD version might have longer,uncut,sometimes blasphemous,racial and extremely violent scenes.The theater version on the other hand have a rating by the MPAA(PG,NC-18,R etc) after being screened or premiered for the first time.
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If you have a DVD or VCR tape labeled as such, you have the version of the movie that was shown in the theaters as opposed to such versions as "Unrated Version," "Director's Cut," "Special Edition," in which additional footage added to the film.
The difference is, the special edition avatar has 9 extra minutes of deleted scenes
The theatrical cut is approximately 124 minutes long, while the special edition is 127 minutes long.
The original Star Wars trilogy was remastered in 1997, under the title Star Wars Trilogy: Special Edition.
No. There is no reason to believe there will ever be a theatrical movie.
The standard edition will be as it was shown in theaters or on television. Uncut edition or special editions will have scenes added. It should be noted that added scenes do not necessarily improve the film. There's usually a reason those scenes were not in the original release.