Release - When the system is ready to go in production.
Phase - Different stages of Release (e.g. Integration Testing, system testing, etc..)
Build - When a change is implemented & the new code is deployed.
Version - This is used when all the changes needed for the release are implemented.
e.g. For new release 10 bugs need to be fixed. Out of them 2 bugs are fixed & the code will be deployed to implement the change. What we will have is a new build with 2 bugs fixed in it. In this way when all bugs are fixed we will have a new version of the product released.
In short a version may come up after many intermediate builds.
Refer this thread about Mantis bug tracking tool. It doesn' explain what is build & release but you may get an idea after reading it.