Here's the definition, it's really only audio files that are compressed in different ways to achive small file size:
MP3 - Moving Picture Experts Group Layer-3 Audio (audio file format/extension)
MP3 ( P ) Pronunciation Key (mp-thr)
n.
1. An MPEG standard used especially for digitally transmitting music over the Internet.
2. A file containing a song or other audio data that is encoded using this standard: The band released its latest single as an MP3 on the Internet.
hope this helps somewhat...