Yeah, it's tough reading on forums everyone says ifs, pb, and I had no clue what the things meant. After hanging out in EC I figured out what some of the bigger name items are.
Regardless as a new player it's not too important till you have some plat saved up.
You can check the auction tracker
http://ahungry.com/eqauctions/ You can see a lot of items people are searching for and it also has the stats/info etc.
Also you can check the wiki
http://wiki.project1999.org/index.php/Main_Page to look up specific items but I agree it's confusing when everyone is talking in abbreviations.
Random Items -
IFS - imbued fighters staff
FBSS - flowing black silk sash
HBC - hooded black cloak
COF - cloak of flames
anything else just ask