WOT is Wide Open Throttle
Gap: the distance between the electrode and ground on a spark plug, usually measured in hundredths of an inch.
Torque, here usually in reference to head nuts: the measure of tightness, measured in inch pounds (for these tiny motors) or foot pounds. 12 inch pounds = 1 foot pound.
Mix, referring to 2 cycle oil in fuel: 32:1 is 32 parts gasoline to one part oil, equivalent to four ounces of oil added to a gallon of gasoline.
TDC: Top Dead Center, the position of the piston when it is at the very highest point in the cylinder. Usually used in relation to ignition timing, but the 2 strokes have non-adjustable timing.
Four stroking: a 2 cycle is supposed to ignite on every piston up stroke. If the engine is too rich (too much fuel), it will fail to ignite one on stroke, then pre-ignite under compression on the following stroke, then not ignite, etc.
Mag: Magneto, the coil of wire inside which the magnet rotor turns, generating electricity.
Porting: the practice of carefully grinding the intake and exhaust ports and the intake pipe and exhaust header, so that the edges match. This makes for better flow, and thus more power.