CRACK - A crack is a modified version of a file that has been "pre-hacked" by the cracker. Frequently this is the actual EXE of the main program, but in modified form. It could also be a DLL or a key file that the program uses to register itself or check an online activation server. A cracked file has such checks removed.
A drawback of a crack is it can be big (sometimes many MBs) since it's just a modified version of the original file. Frequently, updating a program that has been cracked will overwrite the crack, causing the program to return to it's "pre-cracked" state (trial, non-functioning, etc). Not to mention it's one of the more difficult to use (along with a patch); that is, for a n00b.
PATCH - A patch is a little nicer then a crack. It's rarely more then a few hundred KB at most and frequently contains information on what it is (such as what it's for, how to use it, etc). A patch is a separate program that is applied to an installed application to make a cracked file (EXE, DLL, etc). With a patch, you can make a crack. When you start up a patch, frequently you'll be greeted with information such as the release group's name, the cracker who made it, information on the "target file" (more on that later), and so on. In most cases, it has all the same drawbacks as a crack does (listed above), except for the file size issue.
SERIAL - Most people are aware what a serial is and how to use it. Frequently a provided serial will register the software program, however it will register it with the name of the cracker or website that distributed it. (A technique known as "serial fishing" is the cause of that.) Sometimes a serial can be used with any information (such as your own name), and sometimes it is vital to use the information provided with it (name, email, company, etc). The biggest drawback to serials is a term called "blacklisting", which will be discussed later.
KEYGEN - A keygen is a shorthand name for "Key Generator". A keygen, in most cases, is the "best" or most sought after form of a fix. A keygen allows you to generate the correct registration data for a program using any information you like (such as your name, email, company, etc) without modifying anything in the actual program (similar to a serial, but always just for you). Sometimes a keygen will generate a serial for you that you can use, other times it might generate a license file that needs to be imported into the program.
Keygens can have multiple uses as well. For software that requires activation (that is, it needs to contact the software author or website to ensure the registration data is legit), frequently a keygen will provide the means to use the "Phone Activation" method in a program. (Most every program that requires activation allows you to do so via the Internet or over the phone. The keygen simply mimics what a person at the software company would do for you.) In most cases, the pitfalls of cracks, patches and serials do not hold true with a keygen; hence why it is considered the best! The only real drawback is the cracker could possibly be off a bit in the algorithm, causing some generated keys to not work completely. (Some keygens will only run on Windows 2000/XP which is a drawback if you're still using Windows 98/Me.)
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