A short lexicon to start. It is expected to grow. Feel free to contact me by PM if you think about a new entry or modification ;)
Rip (ripping, a rip, to rip) : is the operation of converting :
a) raw webfont files (usually .woff or .eot files) or
b) extracting a font from a PDF specimen
in a .otf file, that means a font which can be used in any application which supports it.
A webfont is a font format for use in web pages. There is two main formats :
a) .woff, which is essentially OpenType or TrueType with compression and additional metadata.
b) .eot, which is a compact form of OpenType fonts designed by Microsoft for use as embedded fonts on web pages.
Webfonts are not necessary a rip, they can be purchased from sellers or foundries, or downloaded from sites like Fontsquirrel, Google Fonts etc.
When it is a rip, the quality may be similar to originals, especially if it is provided with all the glyphs.
OTF (OpenType) : OpenType is a format for scalable computer fonts. It was built on its predecessor TrueType, retaining TrueType's basic structure and adding many intricate data structures for prescribing typographic behavior. OpenType is a registered trademark of Microsoft Corporation.
TTF (TrueType) :
TrueType is an outline font standard developed by Apple and Microsoft in the late 1980s as a competitor to Adobe's Type 1 fonts used in PostScript. It has become the most common format for fonts on both the Mac OS and Microsoft Windows operating systems.
PS (Postscript) :
PostScript fonts are outline font specifications developed by Adobe Systems for professional digital typesetting, which uses PostScript file format to encode font information.
Foundry : a foundry is a company which is publishing or selling a font. Famous foundries are, it is a non-exhaustive list : FontFont, Hoefler & Frere-Jones, Linotype, Monotype, ITC etc. A foundry not necessarily design itself a font, but can license, buy or commission a font from a designer.