I use the terms "health" and "shields" when I'm trying to explain hull repairs to new engineers or damage types to new gunners, because I sort of assume everyone has played some iteration of Halo by now and it seems to get the point across.
Balloon lock - when you're in a bad position and an enemy ship is able to repeatedly destroy your balloon without you being able to escape or retaliate. Most often happens to Galleons, but Junkers get in this situation too. Usage: (to co-captain) Their carro-flamer squid has me under balloon lock, can you get him off me?