Players of the World of Warcraft often abbreviate common sayings and place names, in order to speed up typing.  This is particularily handy in combat, to better focus on the battle at hand.

Here are some common WoW acronyms, as used by the Gypsies.  This list is by no means comprehensive or complete, and is expected to evolve as the guild evolves.

• AFK:  Away from Keyboard
• AoE:  Area of Effect - Describes spells that damage enemies within a particular radius.
• BoE:  Bind on Equip - Most items dropped by monsters are BoE.  They can be sold, traded, disenchanted, and so forth.  Once you equip the item on yourself, then it's bound to you.
• BoP:  Bind on Pickup - Loot dropped by a monster (typically a boss) that binds on pickup can only be sold to a vendor or disenchanted.  It cannot be traded or auctioned.  It's a policy of the Gypsies that if you're in a group in a dungeon, determine beforehand if there are any enchanters in your group.  If there are, then when it comes to Need or Greed rolls for BoP items, if you don't Need the item, and you're not an enchanter, then pass on the item to allow the enchanters to Greed the item.  These items are almost always worth more to disenchant than to sell to a vendor.  Also, enchanting is an expensive profession to begin with!
• BRB:  Be Right Back.
• DOT:  Damage Over Time - Any spell or effect that causes damage over an amount of time, instead of right away.
• DPS:  Damage Per Second - This can refer to a weapon's DPS rating, or a person's DPS rating.  A player with a high rating, such as Skelnik, can be said to be DPS spec, or the DPS of the group.
• FTW: For the Win!
• GTG:  Got to go / Good to go (depends on context).
• HoT:  Heal over Time
• LFG:  Looking for Group - You're not in a group, but you'd like to be.
• LFM:  Looking for More - You're in a group, but you need more people.  A variation is to include how many people you're looking for, for example LF1M or LF2M.
• OMW:  On my way.
• OOM:  Out of Mana.
• PST:  Whisper.
• PvP:  Player versus Player - Alliance versus Horde player battles.
• PvE:  Player versus Environment - You versus all of the computer controlled monsters.
• WTB:  Want to Buy
• WTS:  Want to Sell
• WTT:  Want to Trade

Also, several locations have their own abbreviations.  These are typically two letters long.  Here are some examples:

Cities / Towns:

• SW:  Stormwind
• IF:  Ironforge
• HH:  Honor Hold

Dungeons:

• BRD:  Blackrock Depths
• BRS:  Blackrock Spire
• DM:  Deadmines or Dire Maul, depending on context.
• SM:  Scarlet Monastery
• ST:  Sunken Temple (Temple of Atal'Hakkar)
• ZF:  Zul'Farrak