It's pronounced "ver-syon", with the stress on the second syllable.
You can also use other words depending on the context:
* Édition (edition): for books, software, etc.
* Variante (variant): for a different form or interpretation.
* Traduction (translation): for a translated version of something.
* Rendu (rendering): for a visual or artistic interpretation.
So, it really depends on the context of your sentence.