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1.
VGM
A genre of electronic music that resembles that as used in old school video games.

VGM stands for Video Game Music.

Also see Casiocore
That is some awesome VGM they just played.
by toee May 17, 2006
 
2.
VGM
short hand for Very Gay Moment
Did we just have a VGM?
by bholio August 14, 2008