I have recently come across a situation where code is dynamically loading some libraries, wiring them up, then calling what is termed the "application entry point" (one of the libraries must implement IApplication.Run()).
Is this a valid "Appliation entry point"?
I would always have considered the application entry point to be before the loading of the libraries and found the IApplication.Run() being called after a considerable amount of work slightly misleading.
The term "application" can mean whatever you want it to mean. "Application" merely means a collection of resources (libraries, code, images, etc) that work together to help you solve a problem.
So to answer your question, yes, it's a valid use of the term 'application'.
All i could possibly do for this is redirect you to this: http://en.wikipedia.org/wiki/Application_software http://en.wikipedia.org/wiki/Entry_point
Application on its own means actually nothing. It is often used by people to talk about computer programs that provide some value to the user. A more correct term is application software and this has the following definition:
Application software is a subclass of computer software that employs the capabilities of a computer directly and thoroughly to a task that the user wishes to perform. This should be contrasted with system software which is involved in integrating a computer's various capabilities, but typically does not directly apply them in the performance of tasks that benefit the user. In this context the term application refers to both the application software and its implementation.
And since application really means application software, and software is any piece of code that performs any kind of task on a computer, I'd say also a library can be an application.
Most terms are of artificial nature anyway. Is a plugin no application? Is the flash plugin of your browser no application? People say no, it's just a plugin. Why? Because it can't run on it's own, it needs to be loaded into a real process. But there is no definition saying only things that "can run on their own" are applications. Same holds true for a library. The core application could just be an empty container and all logic and functionality, even the interaction with the user, could be performed by plugins or libraries, in which case that would be more an application than the empty container that just provides some context for the application to run. Compare this to Java. A Java application can't run on it's own, it must run within a Java Virtual Machine (JVM), does that mean the JVM is the application and the Java Code is just... well what? Isn't the Java code the real application and the JVM just an empty runtime environment that provides nothing to the end user without the loaded Java code?
The terms application and system are terms that are so widely and diversely used that you need to agree what they mean upfront with your conversation partner. E.g. sometimes an application is something with a UI, and a system is 'UI-less'. In general it's just a case of you say potato, I say potato.
As for the example you use: that's just what a runtime (e.g. .NET or java) does: loading a set of libraries and calling the application entry point, i.e. the "main" method.
So in your case, the code loading the libraries is doing just the same, and probably calling a method on an interface, you could then consider the loading code to be the runtime for that application. It's just a matter of perspective.
I think probably what you're referring to is the main() function in C/C++ code or WinMain in a Windows app. That is, it's the point where execution is normally started in an app. Your question is pretty broad and vague--for example, which OS are you running this on--but this may be what you're looking for. This might also address the question.
Bear in mind when you're asking questions, details are your friend. People can give you a much better, more informed answer when you provide them with details.
EDIT: In a broader context consider what has to happen from the standpoint of the OS. When the user specifies that they want to run an app, the OS has to load the app from the hard drive and then when the app is loaded into memory, it has to pass control to some point in the memory blocked occupied by the newly loaded app to continue execution. That would be the "Application Entry Point". When an app is constructed with dynamically linked code the OS has to load all that dynamically linked code in order to get the correct app image into memory. Loading up those shared bits of code does not change the fact that the OS must have a point to which to pass control when the app is loaded into memory.
I think in this context "application entry point" means "the point at which the application (your code) enters the library".