Thanks Who! You really are a pro at finding resources on the web which I can never seem to find hehe.
I get the idea of the word now. The reason I was asking was because we use it in Urdu too, to mean the same kind of thing. But I wanted to know exactly what it meant in Farsi, since I came to know that the word comes from Farsi.
p.s - I'd still appreciate comments from natives as to how it would be used in an actual sentence (preferably with the literal meaning of the sentence too)
گفتگو means either 'conversation', 'dialog', or any related word. It comes from the present stem and past stem of 'گفتن' and can be used to refer to any spoken or written dialog, as it is happening, in the past, future, or anytime. It is very flexable. (Although it certainly makes the most sense when speaking about a spoken conversation, it is used to refer to written dialog).
گفتگو means "convrsation or dialogue" and equally used for spoken or written dialogue. I use گفتگو when talking about spoken conversation and I use dialog (same in Persian) when talking about a writen conversation like in stories.