In ordinary vector spaces, the dot product $\cdot$ is a binary operator which takes a pair of vectors $(A,B)$ in the space to the field over which the space is defined. Formally, for a vector space $V$ over a field $K$, the dot product $(\ \ , \ )$ is a bilinear map
$$(\ \ , \ ): V \times V \to K.$$
The inner product only has assumes the standard meaning in certain vector spaces. In the case of Minkowski spacetime, the dot (or inner) product between two four-vectors $A$ and $B$ is
$$(A,B) = A^T \eta B,$$
where $\eta$ is the standard metric with signature $(-, +, +, +)$ or $(+, -, -, -)$. In conventional Einstein summation notation, this is written as
$$(A, B) = \eta_{\mu \nu}A^\mu B^\nu$$
How do we interpret this operation? Well, we cannot use the standard Euclidean notions of distance or direction since we are dealing with hyperbolic space. Instead, it is better to view the product as a Lorentz-invariant quantity that describes the (hyperbolic) geometric relationship between two vectors. That is, one that does not change under a Lorentz transformation $\Lambda \in SO(1,3).$
Also note that "vector product" means "cross product" in 3D (see wikipedia) -- a concept that you can't generalise to vectors in 4D, so you are probably referring to the "dot product".
– Daniel Jul 07 '15 at 17:36