Let $V$ be a finite-dimensional vector space, let $v \in V$ and let $\omega$ be an alternating $k$-tensor on $V$, i.e., $\omega \in \Lambda^{k}(V)$. Then, the interior product of $v$ with $w$, denoted by $i_{v}$, is a mapping $$ i_{v}:\Lambda^{k}(V)\rightarrow \Lambda^{k-1}(V) $$ determined by
$$ (i_v \omega)(v_1, \dots, v_{k-1}) = \omega(v, v_1, \dots, v_{k-1}). $$
My understanding of this, which is probably far from complete, is that the interior product basically provides a mechanism to produce a $k-1$-tensor from a $k$ tensor relative to some fixed vector $v$. I'm trying to understand however what the interior product actually means and how it is used in practice. Therefore, my question is, Can anyone provide example(s) illustrating computations and/or physical examples that will shed light on its purpose?
Also, the interior product seems to be somewhat (inversely?) related to the exterior product in that an exterior product takes a $p$-tensor and a $q$ tensor and makes a $p+q$ tensor and therefore is an "expansion". The interior product, on the other hand, is a contraction but always produces a tensor of degree one less than you started out with. So, secondly, What is the precise relation between the interior and exterior products?
Unfortunately, the Wikipedia page is of little help here and I can't find a reference that clearly explains these things.


Let me give another illustration of how the interior and exterior products are related. This particular case, however, works not on differential geometry, but requires Riemannian geometry.
Given a metric $g$, denote by $\langle,\rangle$ the extension of its inner (not interior) product to forms. The metric $g$ induces an identification between the vector space $V$ and its dual $V^*$, via the operators $v\mapsto v^\flat$, where
$$ v^\flat(w) = \langle v,w\rangle $$
($v^\flat \in V^*$ is a linear functional on $V$, and here we define it by its action on $w\in V$)
Then we have the nice property for $\eta\in\Lambda^{k-1}(V),\tau \in \Lambda^k(V)$, and $v\in V$ that
$$ \langle v^\flat \wedge \eta, \tau\rangle = \langle \eta,(i_v)\tau \rangle $$
showing how the interior and exterior products are actually adjoint with respect to the metric inner product.
A similar statement can be made by appealing to the Hodge-star operator associated to a Riemannian metric. Up to a constant multiplier $C$ (whose form depends a bit on your conventions, and which depends on the dimension and the degree of the forms), you have that
$$ (i_x)\tau = C *(x^\flat\wedge *\tau) $$
where $*$ is the Hodge star operator.