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Abbreviation for Improvised Explosive Device. A home-made bomb, although it doesn't have to be made at home as it can quite easily be made at the workplace or in the garden shed. It is the Ammunition Technician that form the EOD teams of the RLC who specialize in rendering IEDs safe.
Currently the weapon of choice in Iraq for blowing up Iraqi Civies and passing military patrols. Likely to become the favoured weapon in Afghanistan since unlike the Ruskies in the 80's, our guys can actually hit what they are shooting at and the Taliban are likely to get fed up being shot to shit.
See also EOD