Vs. most frequently denotes a struggle or contest between the things named by the noun phrases on either side. For example, "man vs. nature" is one of the canonical conflicts in literature, and the title of the movie "Kramer vs. Kramer" refers to a court case in which both parties are named Kramer (in this instance, a divorce case).
In remixes, vs. usually means that two artists' songs have been mixed together into one song, frequently for humorous effect. A popular example from 2000 is "Eminem vs. Britney Spears: Oops! The Real Slim Shady Did It Again".
In the title of a video game, vs. usually means that you can play head-to-head against a friend. In an unusual twist of conventional rules of grammar, these games are usually called "Vs. game title", such as "Vs. Football", not "Football Vs. Football".
Vs. is also the title of a 1993 album by Pearl Jam.