well Bob... really "something like that" ...
your description of the ActiveX dll is correct, but the OP question was about an ActiveX exe, not a standard exe.
An ActiveX exe acts in a way like a standard exe, but it needs to be registered to run (like all other ActiveX objects), and like an ActiveX dll it exposes classes that clients can create and use.
There is a big differences between ActiveX dll and exe: the dll is an "in-proc" server, that is it runs in the same memory space of the main application, unlike the exe, that is a "out-proc" server, and therefore runs in its own memory space (it is basically another application running, in short) For this reason it is much faster to call a dll, because there is no marshalling of data between two processes.
Typically, ActiveX exe are used to create windows "servers", that can run locally or remotely in another computer. Incidentally, ActiveX exe are also used by VB
programmers to create multi-threaded applications (see the Coffe Machine example in the VB
documentation), because a ActiveX exe class created using CeateObject runs in its own thread of execution.
Well, this is in a nutshell...
To the OP: tell us if you need more information.