Dave is a bit incorrect there. With well mixed and mastered music there will be an average level that is present for most of the time (or the loudest parts) and this should just reach 0 dB VU on the meter, everything else falls below that but if its nicely mastered it won't fall that much below at all. The music should rarely go above 0 dB VU and if it does it is only very briefly and it might reach +2 to +3 dB at the most.
And this applies whether the ref level is K-14, K-12 or a higher mastered ref level such as K-7. Mastering is going to tame the dynamics down a bit and prevent the meter dropping too low anyway.
I am also referring to either real VU meters or VU meter plugins. I am not a fan of the type of meter
Ben has pointed to in his first post. I am not sure they exhibit the same ballistics as a real VU meter or VU meter plugin. The reason why real VU's or good VU plugins are good is that they are inherently slower
(300ms to reach 0 dB VU) and that is a very important quality. Because of this they tend not to swing around so wildly.
If a real VU does swing around wildly it means there is something wrong and one needs to investigate it as to why. There is usually a good reason.