What is Visual Basic?

Visual Basic is visual, in the sense that you move objects around on the screen, to change what the user sees, however, you cannot see (apart from the text) how the program will behave during different events. You add objects onto a form, and then add code behind the scenes to control how they behave.
For example you can write code for when the user moves the mouse or presses a key over a control. You can see what your application will look like during design time, as all the controls are updated when you change a property. Visual Basic is not truly visual, as you still have to enter in code. A truly visual programming language would allow you to 'draw' what happens, without having to do any  typing at all, however, if such a program existed, in my opinion, you wouldn't be able to do very much with it!