DRM Digital Rights Management. This is the stuff that stops you listening to iTunes tracks on you're zune (what's that you ask?). It's been in the news a lot recently, because people are revolting against it, since they want to be able to move their tracks around between their devices.
AAC Advanced Audio Codec It's like an MP3, which you're more likely to have heard of, but a bit newer and better, it's what iTunes uses. It saves your music in better quality and a smaller file size, compared to an MP3, but is playable on fewer devices.
WiFi Wireless Fidelity. It's a technology that let's you easily network devices that support it, without using wires. Most home broadband providers now offer this as an option for their modems, and it's included in many new phones. A 'WiFi hotspot' or 'wireless hotspot' is where wireless Internet is offered in that area, either free or paid for.
RSS Really Simple Syndication. These are usually news feeds, and are a simple way of getting a news summaries from different sources into one place. This can be handy for on a mobile device, where connection can be slow and costly.
GPS Global Positioning Service/Satellites. This is what satnav uses to find where you are, and it's becoming popular, if not standard, on many new phones.
HTTPS Hyper Text Tranfer Protocol Secure. Now this isn't something you'll need to know what it stands for, but if you're browsing the Internet and want to check you're using a secure connection, this can help you. Look at the web address, just before the www. it will either say http:// or https://, the one with the 's' is a secure connection, the other isn't.
VOIP Voice Over IP (Internet Protocol). You may have heard of services like Skype, that let you make phone calls to/from the regular phone network from the Internet, for a fraction of the normal cost, especially if you're calling abroad. These service can save you loads on your phone bill, especially if you call abroad a lot. They can even let you have a 'local' phone number in most major cities around the world, letting people call you for cheap!
VOD Video On Demand. This is the service that let's you pick what you want to watch on TV, and start watching it when it suits you. It's also becoming hugely popular over the Internet, with the BBC iPlayer receiving press coverage when it launched, by sparking objections from ISP (Internet Service Providers) about the extra bandwidth they had to cope with.