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Word Description
Late Position Position on a round of betting where the player must act after most of the other players have acted

Leak A weakness in your game that causes you to win less money than you would otherwise. Example: "She takes her pocket pairs too far; it's a leak in her game."
Limp To call. Generally the term refers to pre-flop action. For instance: "He limped in early position with 77."
Limp In To enter the pot by calling rather than raising. (The usual concept of "Limp In" is when the first person to speak just calls the Big Blind.)

Live Cards that are not duplicated in an opponent's stronger hand. For example, if you have A9 and your opponent has AJ, then your ace is not "live" because making a pair of aces won't do you any good. The nine, however, is live; making a pair of nines gives you the better hand.
Lock A hand that cannot lose.
Loose Is a player who plays a lot hands.

Loose Game A game with a lot of players in most hands. Usage: Like in sentence "The games on PartyPoker are very loose."
Low Limit A game where the amounts wagered are small.

LP Late Position

Luck An illusion of winning or losing beyond statistical reality.
Luck Out To outdraw and beat a good hand. Usage: Like in sentence "I had the nuts until the river when he lucked out on me with a straight".