Virtual office applications allow users to access, create, and collaborate on documents from any computer with an internet connection. Examples include Google Docs, Sheets, and Slides, which allow real-time collaboration on documents, spreadsheets, and presentations. Other applications mentioned are Zoho Office Suite, ThinkFree Office, and OpenOffice, which provide similar functionality both online and offline. Virtual offices offer cost savings compared to traditional offices by facilitating sharing and collaboration from anywhere.