Here goes with a bit of additions.
The official TOCA dictionary for n00bs
Akmuq: The lad who has big words, but no championships. However, he might be dangerous. On a perfect day.
Altezza: Thought BMW was dominant? These things in S1 were 1.5 seconds a lap quicker... at Cape Inside. 200kg weight and 10% power barely bought them in line. That's dominance... (information by Furi)
Arcade draft: Draft was way too strong in S3, hence the name. Nowadays with the better settings, arcade draft won't be missed.
BMW: The fairly controversial car of S3 that hasn't been seen since. Known to dominate the whole season, leading Sumo and Neljack alone into the championship fight and allowing Dax to take some easy wins too, with only other BMW's as resistance most of the time.
Carbonox: AKA driving god. Expect to see the black Mazda with red rims ahead of you. Well, except obviously in the beginning of a reverse grid event.
Chqr: Well known troll who also likes to race (as well as do NASCAR). Watch out!
DaxCobra: The guy who likes to moan. Allegedly also the Season 4.2 champion, though in complete sense only a half-champion as the season wasn't completed. Approach carefully.
DC: NOT DaxCobra, but DisConnected. The full word often gets censored in GT5's chat. Usually a result of a poor connection. DC translates to a DNF in the middle of a race.
Death By Carbon: A team run by me, making its second appearance this season. Neljack drives the #2 other car.
DK: AKA driftking18594, the one who nicknames his cars Asuka or something similar. Also a 1-and-a-half time champion.
DNF: Did Not Finish, in other words either DC'd, ragequitted, or got distracted. In any case, a DNF is worth no points and the last place on the grid for the following race.
DNS: Did Not Start. For DNS'ers, the fate is the same as for DNF'ers, even if the reason was a last minute DC (see above).
DSQ: DiSQualified. Either for reckless driving or doing something else stupid, like getting a Johny pole (see below) without yielding. Or having an illegal car. Whichever you prefer.
Durex: A popular sponsor for many TOCA teams, only to be let down close to the season for various reasons. Who knows, maybe it might be sponsoring DBC at the very moment?
Furi: Short for Furinkazen. The creator of TOCA who likes to play dirty despite the rules stating otherwise. He likes to play with his own rules despite clear arguments against them, so approach with caution. Also he likes to pick the dominant car whenever he can in order to win 1 race per season, as he often does.
Furi'ing tires: Wearing one's tires really quickly. Often used in other series rather than TOCA, because this one has no tire wear. The name comes from-- well, try to guess.
GTP_Johny: AKA the TOCA troll, LKWTrailer, RaciGManiac, Ghova and something else too. Won several races but once took people hostage in the NASCAR Trucks lobby, which resulted in him getting kicked out. He later returned as LKWTrailer only to suffer the same fate. (Goodbye!)
Haitch: Also known as A Purchase or Hiatch. The official TOCA Troll, at least for some while.
Hispania - Unfortunate nickname of CALM DAN's Lexus. He was a decent driver, but he had a car that was only good on straights. Wait, thats better than a real Hispania...
Johny pole: A pole position gained in a reverse grid event by having a DNS or DNF in the previous race. Nowadays frowned upon and prohibited. Just try to guess where the name comes from.
Mazda-Honda rivalry: A rivarly that may finally heat up again with me in the Mazda and akmuq in a Honda, just like the old days. The rivalry began in Season 2 when we had a fight about which car is better. I guess Mazda won it that time, but now Honda wants revenge.
Meganes: The support series for Season 3. Me and neljack won the championship despite a controversial final race incident involving lag.
Neljack: The one who always finishes 2nd or 3rd. Be it races or full championships. Well, except for that one FIA GT1 season. Now he's my teammate and looking for a brighter future. Who knows what can happen?
Paulmac2k9: Jason Plato's GTP account. Known for complaining about everything yet having a point, but no one notices as he complains. Considered Dax Cobra's role model.
Penguin: Everyone's favorite animal in TOCA. Who doesn't love a friendly neighborhood penguin?!
RPM: Furi's own team, previously known as MRT (Season 3) and FTR (Season 4). They won the teams' championship under the MRT name, but after akmuq left them, TomBrooks replaced him afterwards. Considering Furi's reputation, the team might have difficulties with getting another title.
Sumo: The Season 3 champion who hasn't been seen recently. Pretty much dominated the field that season, although there's a good excuse for that too - the BMW.
Tiebreaker: A word that Furi should learn. When two or more drivers are tied in points, the one with a better single race finish is put ahead. If it's the same, the quantity of those finishes decides it, and if they are the same too, the 2nd, 3rd etc. best finish decides the outcome.
TOCA Dog: Neljack's dog named Charlie. Likes to get Neljack's attention in the middle of a race. Also likely to get a promotion to Chief Steward due to his activeness.
TOCA Ghost: Not much is known about him, but apparently he appeared during a testing session. According to Neljack, his name could be Johnny. We don't know how TOCA Ghost is associated with GTP_Johny, but if you feel you're being watched, be careful - it might be him.
VenoMMotorsports: DaxCobra's team that is now equipped by himself, akmuq, and a pair of Honda's. They have won many championships, including the TOCA title, but then Neljack was part of the team. After he received a better offer from DBC, akmuq was called in as replacement, but can the team return to success now?
VTEC: The biggest troll in TOCA history. Known for divebombing, ragequitting when he was accidentally hit off, and never winning a race properly. Got banned after the Tsukuba round in S3, where he mistook the other drivers as actors for the new film "The VTEC Tsukuba Massacre". The damage caused by him was so severe that he got sent off immediately and had to pay large sums to fix everyone's car and the damaged sections of the track as well.
VW: Too fast.
That should be my final part to add, I really hate having two identical Atenza's because I get so confused between them. (The other was for 4.1 if you're wondering)
Its high speed oversteer, I already know the cause of it
I suppose it's a form of oversteer, but.....now I'm confusing myself..... 
