Buy In: How much it costs to start playing.
Stakes: A combination of the buy-in and the betting amount--this is basically how much you stand to win or lose. High stakes mean playing is expensive, low stakes mean it's cheap.
Cash Game: A style of play in which players buy chips that are equivalent to how much they spent. Unlike a tournament, cash game players can come and go as they please, and only win as much money as they have in front of them when they leave the table.
Limit: A betting structure in which players can only bet so much and so raise so many times each round of betting.
No Limit: A betting structure in which players can bet everything they have.
Pot Limit: A betting structure in which players can bet up to the size of the pot.
Shuffle: The act of randomizing the cards so each hand is unpredictable.
Deal: The act of divvying the cards to players and/or the community card section.
Blind: In many games, blinds are collected before the deal: one or two players will put chips into the pot to make sure the hand is worth playing. Most games with blinds have a small blind (one player puts in a small amount, usually half the minimum bet) and another puts in a big blind (one player puts in a small amount, usually the minimum bet).
Ante: In some games, every player puts in a small amount, an ante, to make the hand worth playing.
Burn: Discarding a card at the beginning of each round of dealing. Done in most Hold'Em games when dealing the community cards.
Board: The community cards or cards showing face up.
Misdeal: If cards get dealt up, in the wrong order, or to the wrong player, the hand is a misdeal: the dealer shuffles up and starts over.
Muck: Where cards go when they are not in play. It's the dealer's job to manage the muck pile.
Ship It: When a player wins a hand, the pot is "shipped" to them. "Ship it!" might be an exclamation of victory.
Rake: A small portion of the pot collected by a casino on every hand dealt.
Action: When it's a player's turn to act.
Call: Putting in the minimum number of chips needed to continue in a hand.
Raise: Upping the number of chips other players need to put in in order to continue in a hand.
Fold: Tossing away your hand because you no longer want to continue playing.
All-In: The big one: a player bets every chip they have.
Bad Beat: When a hand seems to be going one way, but something unlikely occurs and a player loses. Usually, this isn't the player's fault...but it sure can feel that way.
Calling Station: A player who calls every bet or raise. Frustrating to play against because they're impossible to bluff or might stick around and catch lucky breaks.
Luck Box: A player who seems to get a lucky all the time. Just a superstition...or is it?