Ankle Biters: Tiny waves.
ASP: Association of Surfing Professionals
Barrel:  The wave throws over and is hollow when it is breaking, also called a tube.
Beach Break:  A wave that breaks over sand, near the shore, usually short rides.
Billabong: What Australians call a watering hole. One of the largest surfing manufacturers in the world.
Blown Out:  The onshore winds turn the surf into unrideable mush.
Bottom Turn:  The turn made at the base of the wave.  Often the first move you learn in surfing. 
Caught Inside:  A surfer who is inside where the waves are breaking right on top of you. Usually happens after a big set.
Channel:  An area of deeper water, usually not breaking, flowing outward.
Closed Out:  Where a wave breaks along its length all at once.
Drop In:  When a surfer drops in on a wave in front of another surfer, totally un-cool but if someone says, dropped in on this gnarly wave today, very cool.
Duck Dive:  Diving or pushing your board under an oncoming wave when paddling out.
Dumping:  Where a small wave will fold over in big sections, making it unsurfable, often caused by onshore wind conditions .
Eat it:  Wiping out on a wave.
Firing:  The same as going off .. swell and waves are plentiful.
Goofy/Goofy Foot:  Surfing with your right foot forward.
Glassy:  Ultra clean surf without a ripple .. looks like glass.
Hang Ten:  Riding a longboard with both feet right on the nose of the board and your toes hangng over.
Impact Zone:  The spot where the waves are breaking.
Kicking Out:  Pulling out of the wave, away from the break.
Kook:  A beginner or someone who is not very good or respectful while surfing. Not a very nice term.
Leash:  The cord that is attached between your leg and your surfboard.
Line Up:  The place just outside the breaking waves where surfers wait for their waves.
Lull:  When the ocean goes flat between sets and everyone sits around waiting for the waves to arrive.
Offshore:  When the wind at a surf break is blowing off the shore and makes for ideal surfing conditions.
Onshore:  When the wind is blowing toward the land and makes poor surfing conditions.
Over the Falls:  Being pulled over a wave and forced under by the break.
Pearl: A common term describing when a person buries the nose of their surfboard.
Peeling:  The ideal condition when the lip is curling over at a steady rate. .
Pumping:  A decent swell meaning waves are nice and powerful.  Also, when pumping your board along the waves face to generate speed, this is fun!
Reform:  When whitewash "reforms" into another nice wave on the inside; usually mellower.
Regular Foot:  Surfing with your left foot forward. Usually shortened to just reg-u-lar.
Rip Current:  A strong current heading out to sea..
Set:  A group of waves, usually range from 3 to 7 but can range from 1 to 10+.
Stoked:  Very happy, happens a lot after surfing or when good surf is predicted.
Swell:  Waves!  Solid, real waves; as opposed to rubber windchop.
Tube:  The hollow part of the wave when it is breaking over you.
Turn Turtle or Turtle Roll:  Technique for getting a longboard out of the way of a breaking wave.
Wipeout:  Falling or getting tossed off of your board.
Worked:  To get worked is to wipe out and get thrown about by the waves.