Back up from admin cp
 

Alright, when I select "Database Backup" from the admin cp, and i save it, I get a "file.sql"

If my forums get wiped out completely, can I use that file to restore the forums to their previous condition?

I guess my question is how extensive is this backup?

This is pretty urgent....I need to know this soon :/

Well, this .sql back-up is a backup of all the members, posts, threads, reputation ect. on your site. so if something was to happedn to your site, you can just install vB again and upload the .sql database and all the members, posts, threads, rep stat and whatever else got backed up will be restored.