Multimedia is nothing but the processing and presentation of information in a more structured and understandable manner using more than one medium such as text, graphics, animation, audio and video. Thus multimedia products can be an academic presentation, game or corporate presentation, information kiosk, fashion-designing etc. Multimedia systems are those computer platforms and software tools that support the interactive uses of text, graphics, animation, audio, or motion video. In other words, a computer capable of handling text, graphics, audio, animation and video is called a multimedia computer. If the sequence and timing of these media elements can be controlled by the user, then one can call it Interactive Multimedia.
Source: http://www.nos.org/htm/it3.htm