Most of the abbreviations have been covered - here are some other things you new guys are bound to see:
Hizookas: Slang for the British Hispano 20mm cannon. Hispano + Bazooka = Hizooka. Thats about the lethality of the gun.
Slobberdonkey: Insult Shane is fond of using. We havent figured it out yet, but we think there may be a farm involved.
Dweeb: Crappy pilot.
Alt Monkey: Pilot that usually flies above 25K feet and wont ever come down unless youre already missing half a wing.
Runner: Pilot that will turn and run for miles and miles and miles and miles when he loses the advantage. When you break off pursuit, he will turn and follow you. Rinse, repeat.
Stratpotato: Pilot only interested in the strategic aspect of the game - bombing HQ for example.
Furball: Slow speed, tight turning, usually low alt multiple aircraft engagement.
Gaggle: Group of aircraft flying in a "collection," but not in a formation of any kind.
Horde: 1.) A large number of aircraft with a single target. 2.) Knights.
Peashooters: Small calibre machine guns. British .303's or German 7.92mm guns.
Rope: The act of suckering an enemy in a lower E state to follow you straight up and reversing when he's stalled to releave him of his stabilizers.
E: Energy. Not speed, but inertia.
Ack: CPU controlled 88mm AAA guns.
AAA: Anti-Aircraft Artillery
AYBABTU: All Your Base Are Belong To Us. This one is key... but we cant tell you why.