Common terms widely used in the Android Community.

What is AOSP?
AOSP very simply defined is ANDROID OPEN SOURCE PROJECT. Its the projects tools and procedures that developers use to manage the development of the software.

What are Kernels?
A kernel is a bridge that joins these things: Applications>CPU/Memory/Device. There are may different things that kernels perform. Most commonly however the kernel manages the systems resources.

What is Open Source?
Open Source is defined as "Denoting software for which the original source code is made freely available and may be redistributed with or without modification." A few examples of this are Ubuntu, WINE (a tool used to run Windows on Linux and the like)

What is Overclocking?
To Overclock your phone is to force your phones processor to perform in a speed that it is faster then recommended by the manufacturer.

a) Is Overclocking bad?
The short answer is: If you dont know what your doing.

What is a ROM?
ROM by definition is READ ONLY MEMORY. However, to Android and Windows it means that it completly replaces your standard O.S. (Operating System) with that of a custom one.
Ok well what are the benefits?
This has alot to do with the creator or "chef" and their personal preferences when making the ROM. Certain ROMS have programs already "Cooked" into them. For instance, Cyanogen "cooks" programs called Spare Parts and Dev Tools into his Roms. This means that when you use the ROM, these programs do not have to be downloaded from the Marketplace because they are already a part of the ROM itself

What is a smarta**?
Smarta** is a complete rewrite of the phones governor plus the addition of whatever the code writer adds. This actually helps the governor spend more time at a lower frequency which helps on battery life.