IVISIT is a generic interactive visual simulation tool that is based on Python/Numpy and can be used for system simulation, parameter optimization, parameter management, and visualization of system dynamics as required, for example,for developing neural network simulations, machine learning applications, or computer vision systems. It provides classes for rapid prototyping of applications and visualization and manipulation of system properties using interactive GUI elements like sliders, images, textboxes, option lists, checkboxes and buttons based on Tkinter and Matplotlib. Parameters and simulation configurations can be stored and managed based on SQLite database functions. This technical report describes the main architecture and functions of IVISIT, and provides easy examples how to rapidly implement interactive applications and manage parameter settings.