When I open the properties window of one of the referenced dlls in my project in Visual Studio I see a Version and also a runtime version .
Actually it is Rhino.Mocks library I am checking. And I see
What is the difference? (Does it mean I am not able to use 3.6.0.0 of the Rhino Mocks?)
Runtime is the version of the CLR (or .NET framework) the DLL needs (usually as a minimum), version is the DLL's version.
So long as you have the minimum runtime installed, it should be usable. However as a general rule it is usually best to select the latest version of the library for the latest runtime support etc.