Hey Dive! 
 
I'm sure this will get moved, but let me give you the rundown on the Virtual Airline world. 
 
Basically, pilots fly routes according to the airline timetable, or schedule.  Your time is logged, and you are qualified to move up to larger aircraft as you accumulate hours. 
 
For example, at Hyperion Airways, you'll start on the Beechcraft B1900D.  Then you'll move to the Aerospatiale ATR-72, if you so choose. 
 
You fly whenever you want, but you set your "sim time" for the scheduled departure time. 

You can fly online or off, but we always encourage our pilots to fly online with live air traffic control, which is provided by www.westcoastatc.com.

That's it in a nutshell.  Our team is currently redesigning our website (and giving our fleet a full repaint), so I can't really point you to much more than a teaser page we've got in place, but you're more than welcome to send us an application.  Just send me an IM with your info (name, location and email addy) and I'll pass it on if you're interested.