pokey came up with a good idea of assembling a dictionary of strength training terms that everyone should know. So feel free to add definitions to words that you think are useful or add words to the list and I'll find definitions for them.

Aerobic exercise: exercise of moderate intensity that can be sustained for extended periods of time. the use of oxygen allows for more endurance.

Aenarobic exercise: exercise of high intensity that can only be sustained for shorter periods of time. The lack of oxygen makes it end quicker than aerobic activities.

"Lactic acid is a waste product which results from anaerobic glycolysis. However, the liver can convert it back to glucose by gluconeogenesis"

http://members.shaw.ca/bodybuilding/Muscles/Lactic_Acid.html