What is the difference between library edition audio books and regular audio books?

The "e" in eBook stands for electronic, just as it does in Words like e-mail. This means that the book is an electronic file format which can be accessed online, or downloaded and viewed from some other device such as a computer. Example are books you can buy for Amazon Kindles or Barnes and Noble Nooks.

The term audiobook refers to a recorded reading of a print book. They can also be downloaded, but unlike eBooks they are not text, but a reading of a text. There can be multiple audiobooks of the same book, with different editions and different readers.