We say that an R-module M is virtually simple if M = (0) and N ∼ = M for every nonzero submodule N of M , and virtually semisimple if each submodule of M is isomorphic to a direct summand of M . We carry out a study of virtually semisimple modules and modules which are direct sums of virtually simple modules. Our theory provides two natural generalizations of the Wedderburn-Artin Theorem and an analogous to the classical Krull-Schmidt Theorem. Some applications of these theorems are indicated. For instance, it is shown that the following statements are equivalent for a ring R: (i) Every finitely generated left (right) R-modules is virtually semisimple; (ii) Every finitely generated left (right) R-modules is a direct sum of virtually simple modules;n 1 , . . . , n k ∈ N and each D i is a principal ideal V-domain; and (iv) Every non-zero finitely generated left R-module can be written uniquely (up to isomorphism and order of the factors) in the form Rm 1 ⊕ . . . ⊕ Rm k where each Rm i is either a simple R-module or a left virtually simple direct summand of R. * The research of the first author was in part supported by a grant from IPM (No. 95130413). This research is partially carried out in the IPM-Isfahan Branch. † Key Words: Virtually simple module; virtually semisimple module; left principal ideal domain; Vdomain; FGC-ring; Wedderburn-Artin Theorem; Krull-Schmidt Theorem.