Allow me.
Out of Character (OOC) is a roleplaying term, referring to the world of the players, rather than the world of the characters. Actions in the game that are described from the point of view of the assumed character are referred to as In Character (IC). Actions or discussion of the character from the player's point of view are OOC. Commonly put between double brackets, a practise whose inventor no one will ever know. :P
Bunnying is the act of controlling someone else's character.
God Modding, godmoding or god moding, is one of those things people can't ever seem to agree on what it actually means, or how it's actually supposed to be spelt. I've seen sites that accept all of them as the same thing, sites that make distinctions between the different spellings, and sites that don't even use the term. Basically, on a site that uses the term 'bunnying', it is safe to assume that any of these terms refer to the act of playing your character like he's an invincible god, dodging every attack coming your way, defeating every opponent without breaking a sweat and getting the best of everything at every turn.