Terminology clarification

Can someone please tell me what is meant by "flac" and "lossless"? These terms are used often in the Announce section, but I don't know what they mean. <blushes>

[QUOTE][QUOTENAME]<b><font color=teal>Sasha wrote: [/QUOTENAME]
Can you say google? I think you can. [/QUOTE]

LOL. I guess I took the wimp's way out, huh? :-/
Thanks for explaining it anyway, Sasha, I appreciate it.