Mike from NDS posted an acronym in another thread - STRAC.  Got me to thinking of acronyms or slang we commonly used so I thought it might be a fun thread to post some of the retro ones you used (not made up stuff, but common terms you used that were unofficial slang).

I'll start with some, but I bet we will find ones we use now or in the recent past probably originated long ago and are carry overs.

JEEP - referring to a new recruit.  Just Enough Experience to Perform
ROAD - old timer that does nothing at work.  Retired On Active Duty
Two Digit Midget - Someone with 99 days or less on an assignment.
Rivet Counter - the Security Policeman assigned to walking the perimeter of an aircraft for the shift.
Gap Guard - the Security Policeman assigned to walk back and forth between the open area that planes use to exit a secure area quickly
Frogs - the old style USAF green fatigues worn before Woodland BDU's were introduced
Jungles - the BDU style light green fatigues issued in tropical climates
Ate Up - a guy that is totally into the military - similar to STRAC, but somewhat derogatory
Birth Control glasses - the thick black rimmed prescription glasses issued during basic training

Ok, I'll play.

P.T.: physical training
Profile: anyone who routinely goes on sick call to get out of duty or more commonly get out of P.T.
Shammer: same as Profile.
Gun Bunny, Cannon Cocker: artillary solider
Grunt: infantry soldier
Straight Leg Grunt: infantry soldier not airborne
Cover: cap
LBE: load bearing equipment
Drive on rag: O.D. trianglar bandage tied around the neck or worn as a skull cap under helmet.

Doc

My favorite was SHORT!
Not an acronym though.

Sham Shield: E4 or Specialist Rank (It's great, not a private and not an NCO)
Bohica: Bend over here it comes again!

Being a Marine officer brat I heard a few...

of course JarHead

ARMY - ain't ready for the marines yet
chair force - my dad and buds hated the Air Force for some reason
EPD - we weren't punished, we were assigned EPD (Extra Punitive Duties)
Gunny - apparently once you reach Gunnery Sgt you get this nickname and it sticks. Must be a million of 'em out there
Mollies - female marines?? Other names used but won't repeat here...

Many  more - will have to think on it more.

USMC   ––    Uncle Sam's Misguided Children
FUBAR ––     F**ked up beyond all recognition
SNAFU  ––    Situation normal, all F**ked up
SGO   ––       Sh*t going on
NAP   ––       Non-Airborne personnel (also see Legs)

Goon Squad - Where you were sent when relieved of duty to conduct menial tasks (dorm maintenance) while waiting your punishment.

Goonie - a member of the Goon Squad.

Recycle - a person sent back a to a lower training class to repeat their learning process.  (Sometimes because of injury)

Wash Out - Someone that failed their training and got sent home or to another AFSC.

(Fortunately,  I never held these lovely titles)

Box Nasty - Those in flight meals that came in a white box delivered to a post when you couldn't make it to the chow hall or the chow hall was closed during your shift.  Cold fried chicken, soda and chips were the best.

My favorite was "Oh.. thats M.I.N.T"

when I asked what was ment by that " Mentally Incompetent Natural Target"

First Sergent was referring to the jungle camo while I was at 29 stumps

Thumpper

LPC's I'd forgotten that one, Mike

Humping = hiking/carrying, as in "humping the boonies" or "humping the pig"  (...which means something altogether different in the civilian world)

and NAVY - Never Again Volunteer Yourself.

Funny.  Be on the look out for his rounds.  I'm going to use that soon.  

We called them "Dairy Queens".  The initials are DQ the same as a disqualification.

MARINES:  My Ass Rides In Navy Equipment Sir
regards,
Ralph

FIGMO - fuck it, got my orders.  an attitude some folks get when they are leaving a duty station.... similar to senioritis.

Soup sandwich - someone or something that is screwed up
House mouse - the troop responsible for all the cleaning supplies in the barracks (only used that in basic)
Leg - anyone not airborne qualified
Pogue - someone not high-speed (similar to a REMF)
FUC*(ing) - noun, verb, adjective, adverb, filler (unfortunately, I still use it to this day)


ETA: Great topic!

"Spoon" - a cook



"FTA"  - "F___ the Army"



"John Wayne bar"  - the round chocolate bars in the C-Rats



"Top"  - the company First Sergeant

How about this one:

PINGERS - Personnel In Need of Graduation, Education, Recreation, and Sex

It was something the new guys were called at USAF Tech School.

Best one so far!

Long Nose-the american soldier according to the viets
Sneaky Pete=Green Beret
Willy Pete=white phosphorous
World O Hurt=anything that is coming your way dangerous
Red Leg=arty
Death sentence=airborne unassigned
Well F*ck me till it hurts=Getting briefed on an incursion into injun country that has vastly outnumbering forces
Snoop and Poop=Intel gathering recon mission
Shotgun=Taking a big hit of pot through a shotgun barrel muzzle while someone blows the pot from the breech or so I've heard.
Tunnel rat=the shortest/smallest hero in the unit
God=Our Medic
Ham an Mother f**ckers=My favorite with tobasco
Click Click=pressure detonated booby trap.
White Mice=Vietnamese police/MP's etc.
Mad Minute=release of anxiety and bullets when hitting a suspected hot LZ
Alfa Mike Foxtrot=adios muther f*cker
It don't mean nothing=a way/saying of coping with the loss of men or whatever bad happened that day.
Suzies Tiger Den=beautiful 5 dolla wimenz-oh wait that's not a slang

Blivet - Shape hung on wings to balance the load, or a person that resembles something useful, by uniform but is worthless
SLC - Self Loading Cargo, passengers
Target - Anything on the ground
Marines - Without the Navy, they'd just be the Army
Grape - Fueler

FNG-fucking new guy
REMF-rear eschelon motherfucker

Squid = sailor
Squid lid = sailor's hat

How about the "John Wayne toilet paper" , Rough as hell and don't take sh** off anybody.

Butter bar=second looey
shake and baker=trooper that went to the NCO/OCS school to become Sgt/officer without time in.
dai-uy=Captain
Didi=lets go
Didi mau=hurry the f*ck up
Band Aid=call sign for God/medic
bac si=viet word for doc
VC
Charlie
Mr Charles
Nathaniel Victor
Foo gas=napalm/explosives for perimeter check off
Snake and nape=snake eyes and napalm
Prick=slang for the PRC radios
Six=unit commander
1-0/One Zero=Team leader
Good in the woods=Knows his sh*t
slack man=man behind the point man
BoomBoom=sex  
chop chop=slang for food

Cunt Cap = USAF Flight Cap
Bus Driver's Hat = USAF Blues Dress Cap