No. 'VFR' does not equate to 'VMC' and nor does 'IFR' equate to 'IMC'.
One refers to the rules under which the flight must be operated, the other the meteorological conditions experienced during the flight.
Operating under the IFR above whatever level is specified as the maximum for VFR doesn't mean you are automatically in IMC - just that you are operating in accordance with a certain set of rules.
[This message has been edited by Tinstaafl (edited 20 May 2001).]