What is "Action Versions" in 'Advance Configuration window' ?

In Alchemy, an "Action" is representation of some "code" that accomplishes a specific task like: "click", "type", "wait", "select", etc. An "Action Version" is simply the actual code implementation of an Alchemy Action.  Advanced users of Alchemy can create their own new action with its own action version (implementation).  Or, an advanced user may create a new version of one of the out-of-the-box actions in Alchemy.  This provides great flexibility.  Alchemy advanced users can create custom actions to handle things unique to their application.  For example, I created a new custom action called "Spinner" to interact directly with the up/down arrows used to adjust the number dials in the application I was testing.