Thanks to everyone who contributed to this list.
I've now got myself an ultimate resource. (As long as no new terms pop up)

Please also consider adding the following:

ASO: All Studs Out. Sometimes called SAO, Studs All Out (a building method)

HOG: Hand of God - when you move minifigs around, they think it is God moving them around.

NLP: Non-Lego Parent or Person (A term for someone that isn't familiar with Lego terminology, sets or building applications.)

How about this? :

LEGOECTOMY: A procedure where a Lego piece is removed from a body cavity [i.e. ear, nose, mouth, belly button etc]. This usually involves the help of two adults and one fairly panic-stricken child. It's unknown why children feel the need to insert Lego pieces into body parts but knowing how to react to these situations can mean the difference between a few seconds of discomfort and a trip to the emergency room. To read more about Lego element removal, you can read an editorial entitled http://www.epinions.com/kifm-review-7C90-CE0C791-3925C6E9-prod3

LOL, nice. Did you make up HoG?

No! I didn't make up any of these.
HOG is listed on the Classic-Space Lego site Acronym list.

I could have gone without knowing "Legoecctamy"
*pukes*

This has helped me soo much, I'd like to thank all who helped, and who posted.
And me too Shadow Megatross >pukes for a nation<

pukes for a nation? You confuse me...

I'm glad I could help?

Here's a question:

When I identify myself, do I say "I am an A-F-O-L" spelling it out? Someone once accused me, "You're one of those 'afol' (aweful)'s aren't you!" - and that sounded a bit awkward!

It's up to you. When people say it, at least in my experience, they pronounce it A (like the letter) fall (like something is falling down).

-Dylan