Some are obvious. Others are, well, archaic! Here are some of the tougher ones: Abaft - toward the rear (stern) of the craft
Abeam - at right angles to the midline of the craft
Aloft - above the deck (generally in the rigging)
Beam - where the craft is widest
Bearing - the direction the craft is traveling
Bow - (rhymes with plough) - the front of the craft
Bridge - the spot where you steer or navigate the craft (sometimes more than 1)
Brightwork - varnished woodwork or polished brass or bronze
Bulkhead - a partition between compartments
Catamaran - a craft with two hulls
Cleat - hardware for tying off lines
Cuddy - a small shelter or cabin
Dinghy - a small row boat or tender, often used to get to shore
Draft - how far down in the water a craft sits
Fender - a foam or similar cushion for preventing damage dockside or tying up
Forepeak - a small compartment in the bow
Fouled - when equipment becomes snarled or tangled
Freeboard - how much distance between the water and the gunwhale
Galley - the craft's cooking facilities or kitchen
Gear - all the assorted lines, tackle, blocks and other rigging
Gunwhale - the topmost edges of the craft's deck
Hatch - a hole in the craft for passing gear, fitted with a hatchcover
Headway - the forward movement of the craft
Hull - the body of the craft - multihulls (catamarans, trimarans) have more than one
Keel - the bottom edge of the craft, running all the way from bow to stern
Lee - away from the wind
Leeward - in the direction pointing away from where the wind is blowing
Leeway - side slippage of the craft due to either wind or the current
Marlinspike - a nautical tool for assisting in splicing lines
Midships - the center of the ship
Piloting - to navigate the craft
Pitch - to bob up and down (as against to Yaw, which is side to side)
Port - the left side of the craft
Rudder - a plate of wood or metal, used for steering the craft
Running rigging - anything that "runs" through a block (lines)
Screw - the propeller of a power boat
Scuppers - holes in the deck for draining excess water
Slack - when lines are the opposite fast (tight)
Sounding - how deep the water is
Standing rigging - the lines that support the rest of the topside rigging (such as mast, boom)
Starboard - the right side of the craft
Stern - the rear of the craft
Stow - to stash away gear in the right place
Swamp - when the craft fills with water, but doesn't sink
Tiller - a piece of gear attached to the rudder - used to change course
Trim - how balanced the craft is in the water from fore to aft
Under Way - when the craft is in motion
Wake - a craft moving rapidly enough to create a disturbance in the water (to leave a wake)
Waterline - the line (often marked) where the water comes up to
Windward - towards where the wind is blowing from
Yaw - to swing from side to side (as opposed to pitch, which is up and down)