HP=horsepower taken from an old measurment for how much water could be pumped using a single horse to turn an impeller
Ram kit/Ram Air=an opening, usually located on the hood of a car used to direct airflow to the engines intake. When done properly can increase the ammoutn of air, or the density thereof to increase horsepower.
Formula FB=formula firebird. Firebird is the model of the car, formula is an option package with a high horsepower 350 cubic inch motor.
Sleeper=a car that looks rather tame but with underhood modifications to make it faster, as opposed to cars that advertise they are modified for speed. Compair a 67 chevelle with an optional 392 engine(and a plain old pain job) vs a 67 chevelle malibu Super sport that came with the 392, a hood scoop and racing stripes.
AF box=air filter box. from physics we know colder air is more dense and resides at a lower area than warmer air. By moving the airfilter to a lower point in the engine bay, we are able to get a denser airflow. As above with the ram air, more air=more power.
Brake cooler scoops=simmilar to intake scoops. These allow for more airflow to the brakes to keep them from getting too hot.
Cam=camshaft. This parts function is to open and close the valves. Im sure you have heard the term overhead cam, or dohc (dual overhead cam) or something simmilar. A valve opens allowing air and fuel into a chamber, then the valve closes. the cyllendar squeezes the mixture then the spark plug ignites it, creating the power by pushing the cylendar back down. the cylendar makes another trip up, only this time another valve opens to allow the burnt fuel(read exhoust) to exit the motor.
The cam serves to open and close these valves at the proper times.
Posi=positive traction/limited slip. This has to do with the rear axle of the vehicle. Most cars come with an open rear differential. This means that if one tire starts to loose traction and spin, the other one will loose power. this makes a vehicle more stable and less likely to loose controll. The tire that looses power serves to anchor the vehicle untill traction is regained. While this is great for drivers inexperienced with loss of traction, it diminishes the overall performance of the car. A posi rear end will allow both wheels to loose traction. While this is more difficult to controll, it allows for better power distribution. Say you have 300 HP and all that is going to one wheel, it is likely to loose traction. Distribute the same 300 HP to 2 wheels and you have only 150 HP per wheel. For more information please see My cousin vinney starring that dude from karate kid.
700r4e=this is just a general motors transmission. I dont recall the meaning of the 700 or the "r" but the 4 means its a 4 speed and the "e" means its electronically assisted. IMO they are junk unless you get them upgraded(which I have)
Did I miss anything?