I've primarily despised the game acronyms over the years. It's gotten to a point where I know so many of them, but I seriously never wanted to know them in the first place. They're incredibly ridiculous, especially when used out of context and you have no idea what they're talking about.

Here's a list of the ones I've seen with some explanations, possibly might be updated if I feel like it:
WoW - World of Warcraft; looks like it says "wow"
TES - The Elder Scrolls; usually used to specify the series and not a single game
GoW - God of War or Gears of War
MP (various numbers) - Mario Party or Metroid Prime; I honestly thought it was about music formats when I saw "MP3" and could also stand for "Mana Points" which is a game's magic system
AC (possibly AC2 or AC3) - Assassin's Creed; could stand for Armored Core
CoD - Call of Duty; shares likeness with "cod" which is a type of fish
-WaW - Call of Duty: World at War; these are used without reference to CoD and everyone is expected to know that
-MW (possibly MW2 or MW3) - Modern Warfare; could also stand for MechWarrior
-BO (possibly BO2) - Black Ops; could also mean "body odor". Other ridiculous spelling is "blops".
FF (many numbers included) - Final Fantasy
FFT - Final Fantasy Tactics
-FFTV1.0 (special one-time case) - stands for Final Fantasy Tactics Version 1.0 (ugh)
PoE - Path of Exile; shares spelling with "poe", a sort of spirit commonly seen in The Legend of Zelda
TLOZ or LOZ: The Legend of Zelda
-ALTTP or LTTP: The Legend of Zelda: A Link to the Past; these may also be used without reference to Zelda
-OOT - Ocarina of Time,
-MM - Majora's Mask; could stand for Mega Man
-TP - Twilight Princess; could stand for Touhou Project or "toilet paper"
-SS - Skyward Sword
-WW - The Wind Waker; looks like it could mean something entirely different with "WoW" and "WaW" taken into considertion
ME (possibly ME2 or ME3) - Mass Effect; very general acronym that could stand for a plethora of things including Windows ME. ME2 could also be slang for "me too".
SC (various numbers) - SoulCalibur, Sly Cooper, Starcraft
MGS (MGS2 or MGS3)- Metal Gear Solid
DMC (various numbers)- Devil May Cry; official game also released as "DmC"
CS - Counter-Strike, Cave Story; could include a number of others (might as well toss in "crime scene" wink
DS - Nintendo DS, Dark Souls, Demon's Souls, Dead Space, Darksiders, Darkstalkers (f*ck...)
GW (GW2)- Guild Wars; could mistakenly take it for "GoW"
SMT - Shin Megami Tensei
IGN (not a game name specifically) - In-Game-Name (other name for user-name); shares acronym with a game review publisher
LoL - League of Legends; shares an acronym for "laugh out loud"
BS - Bioshock, Broadcast Satellite (Japan-only Super Famicom add-on), or "bullsh*t"
PS (PS1, PS2, PS3, PS4) - Phantasy Star or PlayStation, possibly PlanetSide
-PSX - PlayStation (original)
-PSO (PSO2)- Phantasy Star Online
-PSP - PlayStation Portable or Phantasy Star Portable (glorious combo, isn't it?)
MK - Mortal Kombat or Mario Kart
MDK - Actual game name, and I keep thinking it stands for something else...
FE - Fire Emblem
HM - Harvest Moon; could stand for special moves from Pokemon
RE - Resident Evil
SH - Silent Hill; has an acronym resemblance to Sonic the Hedgehog
DW - Dynasty Warriors; the main problem I have with this is how not-exactly-talked-about the series is and seeing numerous acronyms referencing it with even more obscure acronyms for the other versions to put on top of it. It could also stand for Dragon Warrior or Digimon World.
DQ - Dragon Quest; Bonus relation: Dairy Queen
SoM - Secret of Mana or Sword of Mana

Here's an extra list with more of these: http://guides.macrumors.com/Game_Acronyms

There's a ton more that I'm (thankfully) forgetting, but this is mostly just an example of acronyms sharing acronyms with numerous other games, including some examples of everyday acronyms. The sad part is literally how all these people expect you to know what these things are right from the start of the conversation. I guess it's good that other people know what they're saying, and I do for the most part, but it's not something I'm exactly proud of, because knowing these and being able to figure them out is blatantly just annoying.