In some way, you can call MODs advanced MIDIs. However, that's not completely true. While MIDIs are made with a
Sequencer, MODs are written in a
Tracker. That are two totally different concepts.
However, Like MIDIs, MODs are not
streamed Media like MP3, WAV or OGG. These formats are played... well... in a stream of data which represents the shape of the sound =) MIDI and MOD however consist of
instructions. These instructions could be something like "play the middle C on the piano at half volume". I won't go deeper into the differences between MIDI and MOD for now. Howerver, the greatest difference is that MODs contain
samples, mostly WAV samples. So your playback does not rely on the listener's MIDI hardware, MODs sound the same on virtually every machine.
To answer your question: MODs are not compatbile to Fruity Loops or whatever, you would have to convert them to MIDI which means a great loss of quality. Another problem is that this process doesn't work always as MODs have special commands that can't be reproduced in a MIDI file.