Although the concept of quantum entanglement has been known for about seventy years, it only recently quit the realms of meta-theoretical discussions when it was discovered how entanglement can be exploited to compute and communicate with an unprecedented power. The primary motivation of the work presented in this thesis has been to contribute to the big effort that has been done during the last decade to understand and quantify quantum en- tanglement. We have developed advanced techniques of linear and multilinear algebra to investigate and classify entangled pure and mixed quantum states, and discussed some novel applications in the field of quantum information theory.The results presented in this thesis are mainly of interest from a fund...