1. A computer implemented method for controlling playback of multimedia content in real time, comprising: providing an interactive media application 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; executing said defined 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; and 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; whereby said modification of said one or more variables of said multimedia content controls said playback of said multimedia content.