Theatrical version of a movies is just the (edited-for ratings) version released to be screened in theaters or cinemas.Mostly,straight-to-DVD movies are unedited,unrated or uncut.In other words Directors Cut. The DVD version might have longer,uncut,sometimes blasphemous,racial and extremely violent scenes.The theater version on the other hand have a rating by the MPAA(PG,NC-18,R etc) after being screened or premiered for the first time.