On opening my terminal I get Virtualenvwrapper.sh file not found - virtualenv

Question

I am using Mac and I installed virtualenv and virtualenvwrapper a long time ago using pip. I was using vitualenv alone most of the times. Recently I was trying to edit my .bash_profile and after that whenever I open my terminal I get the following error
"-bash: /usr/local/bin/virtualenvwrapper.sh: No such file or directory"
My .bash_profile
1 #export PS1="\u#\h\w: "
2 # Setting PATH for Python 2.7
3 # The orginal version is saved in .bash_profile.pysave
4 PATH="/Library/Frameworks/Python.framework/Versions/2.7/bin:${PATH}"
5 export PATH
6
7 [[ -s "$HOME/.rvm/scripts/rvm" ]] && source "$HOME/.rvm/scripts/rvm" # Load RVM into a shell session *as a function*
8
9 # Setting PATH for Python 2.7
10 # The orginal version is saved in .bash_profile.pysave
11 PATH="/Library/Frameworks/Python.framework/Versions/2.7/bin:${PATH}"
12 PATH="/usr/local/bin":$PATH
13 export PATH
14
15 export CLICOLOR=1
16 export LSCOLORS=ExFxCxDxBxegedabagacad
17
18 #source "/usr/bin/virtualenvwrapper.sh"
19 #export WORKON_HOME="/opt/virtual_env/"
20
21 #Randomly taken from stackoverflow post
22 export VIRTUALENVWRAPPER_PYTHON=/usr/local/bin/python
23 export VIRTUALENVWRAPPER_VIRTUALENV=/usr/local/bin/virtualenv
24 source /usr/local/bin/virtualenvwrapper.sh
25
26 # h is the host name, w the complete path
27 export PS1="\w$ "
my .bashrc looks like this
1 #export PS1="\u#\h\w: "
2 PATH=$PATH:$HOME/.rvm/bin # Add RVM to PATH for scripting
3
4 ### Added by the Heroku Toolbelt
5 export PATH="/usr/local/heroku/bin:$PATH"
6
7 export WORKON_HOME=$HOME/.virtualenvs
8 export PROJECT_HOME=$HOME/Devel
9 ##source /usr/local/bin/virtualenvwrapper.sh
10 source /Library/Frameworks/Python.framework/Versions/2.7/bin/virtualenvwrapper.sh
11
12 # h is the host name, w the complete path
13 #export PS1="\w$ "
Can any one tell me where I am going wrong?
What is the difference between .bashrc an .bash_profile?
Thank you in advance.