MIDI stands for "Musical Instrument Digital Interface". It is a set of hardware (IN, OUT and THRU ports found on electronic keyboard instruments) and software specifications for allowing electronic musical instruments (and also computers) to communicate with each other.

MP3: MPEG-1 Audio Layer 3, is a patented digital audio encoding format using a form of lossy data compression. It is a common audio format for consumer audio storage, as well as a de facto standard of digital audio compression for the transfer and playback of music on digital audio players.

DAW: A digital audio workstation is an electronic system designed to record, edit and play back digital audio. A key feature of DAW is the ability to freely manipulate recorded sounds. There are two varieties of DAWs: computer-based, which consists of a computer, an ADC-DAC, and digital audio editor software; and integrated, which requires a mixing console, control surface, audio converter and data storage in one device. Many DAWs, especially computer-based, have MIDI recording, editing, and playback capabilities.

Music Piracy: Jarrrrr Matey.... (ok I had to do it) Music piracy is copyright infringement, stealing compositions, arrangements, sometimes even ideas that have been copyrighted, then claiming them as your own. Piracy also implies the selling of unauthorized media. - Marissa Hansson

Multi Timbral: An electronic musical instrument that is capable of playing two or more timbres at the same time.  One example is a keyboard that is configured to have one half play one type of instrument, such as a bass, and the other half to a piano.  The different sounds can be split between the left and right hands.  Synthesizers and external sequencers can enable the multi timbral effect on other electronic instruments such as guitars, basses, and drumsets.   

Bit Rate: The number of bits (or information) that are processed over a given unit of time. This is a term utilized in telecommunications and computing. Bit rate is usually described in bits per second.

FM Synthesis: A form of audio synthesis where timbre of a simple waveform is changed by the frequency that is also in audio range, resulting in a more complex waveform and different sounding tone. For synthesizing harmonic sounds, the modulating signal must have a harmonic relationship to the original carrier signal. As the amount of frequency modulation increases, the sound grows progressively more complex. Through the use of modulators with frequencies that are non-integer multiples of the carrier signal (i.e., non harmonic), bell-like dissonant and percussive sounds can easily be created.

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

Bit Rate: The number of bits processed per unit of time. A bit is a basic unit of information in telecommunications and computing. Bit rate is written as bits per second. The higher the bit rate the better the audio quality in music as more information is being conveyed each second. However this also means a larger file.

Podcasts were created by Steve Jobs in 2004. Ipods didn't have access to radio, so podcasts were audio/video segments of radio shows that exist online for people to subscribe to through rss feeds. Podcasts link ipods to broadcasting. I forgot to put my name next to my definition. oops :)

Multimedia is media and content that uses a combination of different content forms. The term can be used as a noun (a medium with multiple content forms) or as an adjective describing a medium as having multiple content forms. The term is used in contrast to media which use only rudimentary computer display such as text-only, or traditional forms of printed or hand-produced material. Multimedia includes a combination of text, audio, still images, animation, video, or interactivity content forms.
Multimedia is usually recorded and played, displayed or accessed by information content processing devices, such as computerized and electronic devices, but can also be part of a live performance. Multimedia (as an adjective) also describes electronic media devices used to store and experience multimedia content. Multimedia is distinguished from mixed media in fine art; by including audio, for example, it has a broader scope. The term "rich media" is synonymous for interactive multimedia. Hypermedia can be considered one particular multimedia application.

AIFF: Audito Interchange File Format-mostly used for storing sound and data on personal computers and various electronic audio devices (In my original post above I mis-spelled Interchange so I'm correcting it here : )

wow- and it's AUDIO INTERCHANGE FILE FORMAT- sorry for all the typos