flops = floating point operations per second. A "Floating point operation" is a mathematical operation involving non-integer numbers (i.e., decimals. Quite a trick in a binary context).

Teraflop = 1000 Gigaflops, I believe.

Same as a Terabyte = 1024 Gigabytes.

To be precies 1 teraflops = 1024 (2^10) gigaflops.

Or to be EXTREMELY precise:

25 teraflops = 1 really freakin fast computer

(I hope that wasn't too technical)

Whoops. Well, I did get the storage terms right.
:D