It is a part of the Descent Manager Tools (DMTOOLS) suite, and there have been at least two notable versions of it. Version 1 splash screen displays an SF Dragon being fired upon, and only supports FreeSpace VP files. Later versions support Red Faction and Summoner archives as well, and adds characters from other Volition games to the image.
VPView supports hierarchical viewing of the VP file structure, extraction of files, and active preview of .ANI, .PCX, and .WAV files. The tool has been the de facto VP viewer for years, although it is no longer supported by the original developers.
VPView32 can be downloaded individually.