I need a turbo glossary. I always refer to the waste gate as the bypass. I think in terms of exhaust bypassing the turbo and exiting straight out the pipe. I guess what a lot of people call the bypass, I think of as a blowoff valve, since it's function is to prevent excess pressure on the compressor wheel when the throttle blade is closed, therefore it blows off the pressure.

All I know is that it makes a lot of noise when it spools up.