Here is a list, a glossary of sorts, for common and uncommon MMO slang. I have a tendency to use many of these words without thinking, so I figure it could be worth having a reference!
WoW = World of Warcraft
SWTOR = Star Wars: The Old Republic
NPC = non-player character. Any of the non-player controlled humanoids who populate the game.
spec = Specialization, usually refering to talent point placements or “talent specs”
proc = short for process/procedure, usually referring to the triggering of an ability, talent, or passively triggerable spell. Usually these abilities are on-hit, on-cast, on-crit, etc.
mob = short for “moveable obstruction,” old game slang for computer controlled elements that work against the player. In WoW this is typically used to describe a computer controlled monster, beast, or NPC.
aggro = aggression, or aggressive attention. The term used to denote who is most threatening to an enemy and so who that enemy will target to attack.
threat = a system built into the game that creates a relative amount of “threat” for a given computer-controlled enemy based on how much damage you do to it, how much healing is done to the near by opponents (the players), with added small elements for other actions (like shouts from Warriors). The threat system is not particularly transparent to the players, but it is what governs who is attacked and who is not in a group situation.
pop = quick slang for triggering an on-use ability. For instance, to “pop Shield Block” would be to use the Shield Block ability.
WTB = “want to buy.” Alternately WTS = want to sell, WTT = want to trade
LF- = LF = “looking for,” LFG = “looking for group,” LFM = “looking for more”
PST = “please send tell” a request for the targeted recipient to send a whisper or private communication to the poster. New school gamers sometimes mistake this for being the sound made when trying to get someone’s attention quietly, “pssst” a hiss started with a pop of the lips and ended with the tongue closing the airway.
DPS = slang either for damage output (“damage per second”) or the damage dealers themselves. Can be singular or plural as a noun, also used as a verb, to “dps” something is to do damage to it. (sometimes pronounced phonetically for humor, i.e. “deeps”)
Tank = a game role. Character geared to be able to take less damage than other players and usually using tools to generate more threat than the damage dealers thus keeping the enemies attention on the “tank.”
Heals/Heal/Healer = a game role. Anyone who’s purpose in a group is to heal other characters to prevent them from dying when they take damage.
Instance = short for “instanced area,” a special space which, when you enter through the portal, is a separate zone just for your group not shared with the common population. This allows many groups to be in the same space without over-lapping.
Class/spec = this is a personal short-hand that I have adopted to express something more specifically. Somethings can be generalized by class, but somethings are meaningful in different ways to each spec within each class. I refer to “Class/specs” when generally addressing individual trees without specifics. For example, Marksmanship is a Class/spec (from the Hunter class).
(SWTOR) AC = in SWTOR, AC stands for Advanced Class, your subclass selected at level 10 (i.e. Sith Warrior becomes Sith Marauder, or Jedi Consular becomes Jedi Shadow).