Yes, high octane has a lower flashpoint as well which is why it is called for in higher compression engines - you can squeeze the snot out of it and it will ignite properly while a lower octane will not.
However, when talking about a 2 stroke, believe it or not, just about anything over 65 octane (you can get it some places in Asia) will burn without too much trouble - commercial models will burn kerosene (which is only a slight refinement above diesel) if that's all that's around - a little choppy, but will get you from one place to the other. As Jeff notes when the intake and exhaust ports are "both open" at the same time, the motor usually isn't too picky about what it's burning. Many motors are simply "cross flow" where the air/fuel/oil mix simply passes from one side of the cylinder to the other (port to port) over top of the piston - some getting trapped during compression, while others are "loop charged" where they give the top of the piston "some shape" to try and deflect the gas/oil/air that comes in to the dome of the head, keeping more in the cylinder while the exhaust port is exposed.
(personally don't see any performance difference between the two designs - and ALL two strokes are gas pigs - so are 4 strokes when you get about 3500 rpms)
And yes, as to the terminology, I don't think there is an "outboard dictionary" anywhere so you get the same term describing a number of different conditions (which is what makes it confusing sometimes).
If you are speaking "Merc" with a "Canadian accent" (eh!) I usually refer to:
Sneeze - a lean intake condition - usually caused by improper carb adjustment or a bad gasket somewhere in the intake side of things
Pop - usually caused by an exhaust leak or a bad powerhead base gasket
Cough - a timing issue resulting in a (backfire) that either comes back into the intake or out through the exhaust
Spit - that's the water coming out of the tell-tale (pee-hole, pisser, etc) or the exhaust relief holes in the exhaust housing OR gas being thrown out of the mouth of the carb due to broken/chipped reeds
And my all time favourite (see Canadian spelling eh):
Crank - to some it means "turn over" to others it means "start" - as in my motor won't crank which leaves me wondering if the starter isn't turning over or it is, but the motor won't start. For me "crank" is what I do to the jack to get the trailer tongue off the hitch of my truck
And remember, when talking outboards - the only place for a 4 stroke is in the front end of a tow vehicle
