What does VR mean in Mario Kart 7?

VR on Mario Kart Wii stands for versus rating. This is your score on Wi-Fi.

Note: You can't get above 9999vr. People who have more hacked their game. If you reach 9999vr, you will keep gaining 0vr until you lose points.

Also the lowest you can have is 1vr, not 0vr.