I came accross this and thought it could be quite useful to a few 'newbie' type members and even to 'experienced' members.

I havent heard of some of these terms as well. I'll pick out a few:

Wipe its feet:
British term referring to the base or metaphorical "feet" of a ball that rattles in the jaws of a pocket before eventually dropping. Usually said of an object ball for which the intention was to pot it.

Velcro
A British term describing when a ball is tight on the cushion and a player sends the cue ball to hit both the object ball and the rail at nearly the same time; the object ball, ideally, stays tight to the rail and is thus "velcroed" to the rail.

Blood test
Any very difficult shot that must be made under pressure

Banger
A derogatory term for a recreational or beginning player who "bangs" the balls without any thought for position nor attempt to control the cue ball

Play the percentages
Using knowledge of the game and one's own abilities and limitations to choose the manner of shooting and the particular shot from an array presented, that has a degree of likelihood of success. This often requires a player to forego a shot that if made would be very advantageous but does not have a high likelihood of success, in favor of a safety or less advantageous shot that is more realistically achievable

The link for more of them is

http://en.wikipedia.org/wiki/Glossary_of_cue_sports_terms