In common usage the baud rate of a modem is how many bits it can send or receive per second. Technically, baud is the number of times per second that the carrier signal shifts value - for example a 1200 bit-per-second modem actually runs at 300 baud, but it moves 4 bits per baud (4 x 300 = 1200 bits per second).
(Bulletin Board System) -
A computerized meeting and announcement system that allows people to carry on discussions, upload and download files, and make announcements without the people being connected to the computer at the same time. There are many thousands (millions?) of BBSs around the world, most are very small, running on a single IBM clone PC with 1 or 2 phone lines. Some are very large and the line between a BBS and a system like CompuServe gets crossed at some point, but it is not clearly drawn.