There is only one file type that uses the .VEP extension:
AVS Video Editor Project File
Video editing project created by AVS Video Editor, a program used for making movies and home videos; saves the movie timeline and references to audio and video clips, which are stored in a \Content\ folder alongside the project.
VEP files use XML formatting but save some blocks of binary data encoded as text for video and image thumbnails.
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Updated: June 30, 2012