1. A computer implemented method for controlling playback of multimedia content in real time, comprising: providing a computer system comprising at least one processor, said computer system communicatively coupled to a non-transitory computer readable storage medium configured to store instructions executable by said at least one processor, said at least one processor configured to implement said method, said method comprising: providing an interactive media application executable by said at least one processor for playing back said multimedia content; defining one or more of a plurality of controls for said multimedia content by a first user and defining parameters associated with said defined one or more controls by said first user using said interactive media application; rendering a graphical representation of said defined one or more controls with said multimedia content on an interface displayed on a computing device of a second user by said interactive media application; acquiring one or more control inputs from said second user by said interactive media application, wherein said one or more control inputs acquired from said second user provide a selection of values for said defined parameters associated with said defined one or more controls; generating a plurality of data files by associating said acquired one or more control inputs, and said selection of values for said defined parameters associated with said defined one or more controls by said interactive media application, comprising: a first data file comprising data related to one or more playback patterns of said multimedia content; a second data file comprising data related to said defined one or more controls, said defined parameters associated with said defined one or more controls, information regarding said one or more variables of said multimedia content to be modified corresponding to said defined parameters, and modes of modifying said one or more variables of said multimedia content; and a third data file comprising data related to locations of digital files constituting said multimedia content, said multimedia content, names of said one or more variables of said multimedia content, information pertaining to time, duration, start time, and end time of said multimedia content; executing said generated plurality of files on said at least one processor, wherein said execution defines one or more controls based on said selected values of said defined parameters for modifying one or more variables of said multimedia content by said interactive media application; rendering said multimedia content in accordance with said modified one or more variables on said interface displayed on said computing device of said second user by said interactive media application; and invoking an instance of said interactive media application on said computing device of said second user for controlling playback of one or more pieces of said multimedia content; whereby said modification of said one or more variables of said multimedia content controls said playback of said multimedia content.