Here is my personal dictionary of new slang words (to be edited as needed):
stash: the "collection" of yarn kept by someone that knits, crochets, or uses yarn for some other purpose.
frog/frogging: to pull out your stitches when knitting or doing crochet work.
UFO: Un-Finished Object. Refers to a project that isn't finished and isn't being worked on.
FO: Finished Object. Refers to a project that has been completed.
Amigurumi: (from Wikipedia) the Japanese art of knitting or crocheting small stuffed animals and anthropomorphic creatures. (added 2/17/08)
WIP: Work In Progress. A project that you are currently working on. Some people set limits for themselves, such as: "It's only a WIP if I have worked on it in the last 30 days. Otherwise it is a UFO." (added 3/21/08)
***Urban dictionary: I added the definition for "stash" and "frog" to Urban Dictionary. UFO was already in there. :)