Knitting and crochet have both enjoyed a long lifetime in the crafting world. Unfortunately, if you're new to either, the sheer number of acronyms and definitions that you'll need to learn can intimidate even the bravest of souls. I'll touch on some of the most common here, focusing on the terminology you might have seen in print, either in magazines, blogs, or online forums. I won't be able to delve into pattern terminology, as it varies widely by pattern author and country of origin. Fortunately, most pattern designers will provide a glossary of definitions to use for each pattern or collection and the more basic abbreviations out there have become somewhat standardized.
Some Knitting Terminology
AS (and other variations): Alice Starmore
Alice Starmore is a professional knitwear designer who writes patterns and sells her own line of yarn. Her designs are widely revered, but her willingness to resort to legal pressure for all manner of things has tarnished her otherwise sunny reputation. Not many of her books remain in print, nor is much of the yarn that she used still in production, so existing copies (and yarn!) are much sought after. Her daughter Jade also designs knitwear and sells her patterns alongside her mother's work.
DB: Debbie Bliss
Purveyor of yarn and many fine knitwear patterns.
dpn: Double Pointed Needles
Straight knitting needles without any ends. They're typically used when knitting in the round, such as when making socks, hats, or other knit tubes.
EZ: Elizabeth Zimmerman
The author of several knitting books and other instructional materials. Probably best known for her book "Knitting Without Tears".
FO: Finished Object
You're done, you made it, you bound it off and took it off the needles. Congratulations! Now get back to work and finish all those UFOs in the back of your closet.
Frog: To undo one or more rows of knitting by unraveling the stitches, typically an avenue of last resort and reserved for the desperate or the frustrated. There are other ways to solve most knitting mistakes. According to KnitList (http://knitlist.com), the name came from "rip it", which sounds a bit like "ribbit", the sound a frog makes. Thus, frog stitch, or the verb "to frog."
KAL: Knit-ALong
When a group of knitters decide to knit the same object at the same time, either in person or online. When done online, community blogs or forum threads provide advice, tips, and a sympathetic ear if it all goes horribly wrong. Knitty (http://knitty.com), an online knitting magazine, is an example of a site that has inspired many Knit-Alongs. Other inspirations include Magknits (http://magknits.com) and the contents of the latest issue of Vogue Knitting.
LYS: Local Yarn Shop
While this might occasionally refer to the local Joann's, it's meant to refer to independent shops that sell yarn and other similar supplies. These stores frequently sell a wide range of yarn and needles, offer classes, and occasionally host meetings and book signings.
SnB: "Stitch n' Bitch"
This might refer to the book of the same name or the knitting groups that meet around the country. There's been some controversy over whether or not these groups are allowed to use the name, due to legal pressure from a company called Sew Fast, Sew Easy (SFSE), so you'll occasionally see this acronym used in place of the full name to avoid drawing undue attention.
Stash: Your yarn collection. Knitters both new and old are often struck by the urge to increase their stash through visits to local yarn stores or by shopping online.
Tink: Undoing knitting, one stitch at a time, while keeping the fabric on the needles. You'll note that "tink" is "knit" spelled backwards. This is in contrast to frogging, where the knit fabric is pull off the needles and the stitches unraveled row by row.
TKGA: The Knitting Guild Association
They have a series of correspondence courses and the occasional conference. They also put out a magazine. You can find them online at http://tkga.com
UFO: UnFinished Object
No aliens here, just the sweater you swore you were going to finish someday. Oh look, it's hiding in the bottom of your knitting basket. I wonder how it got there?
VK: Vogue Knitting
A magazine for knitters. Vogue also puts out knitting books under the Vogue Knitting name.
WIP: Work In Progress
A shorthand way to denote that you're talking about the latest thing on the needles.
The larger online communities have their own sets of acronyms and abbreviations. When in doubt, ask! I've always found the knitting community at large to be a generous bunch and quick to help and answer questions.