After coming to Canada, I realized that there are many (special usage of) 
words which do not exist in (Canadian) English. Here is a list 
of few of those (I keep adding to this list):
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Disclaimer - I don't mean to say that these are wrong usage, 
rather I feel that this is a different shape the
language has taken in a different part of the world. That is why it is
interesting to know about this. All the other contributors feel the same way.
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* Another intesting article on Indian English (Rashmi's contribution)
http://www.cnngo.com/mumbai/life/10-indianisms-652344

* In India when we say "2 into 3" it means "2 multiplied/times by 3", while 
"2 by 3" means "2 divided by 3" (I think most of the Indians will agree
with me on this one). This is a good thing to know as I have seen people
getting confused about this all the time.

* "Rustication" means "temporary dismissal of a student from a
university". This word is supposed to be from British English. But seems
nobody uses this anymore. Most of the British people I asked were also not
aware of this word. 

* "Dikki" refers to the "trunk" or "boot" of a car.

* "House-full"
Usage "The movie is house-full" which means that tickets for the movie
are all sold out.

* Interesting Articles on Hinglish
http://www.csmonitor.com/2004/1123/p01s03-wosc.html
http://en.wikipedia.org/wiki/hinglish

* "Pin-drop silence" means "it is so quiet that I can hear a pin-drop"
(Sujit's contribution)

* "Time-pass" means to "pass time" or "kill time"
in Indian english, the usage is "This movie was good for time-pass"
(Leigh's contribution)

* "Pre-pone" opposite of post-pone
Usage "Can we pre-pone the dinner?"
In english, there can be only one kind of usage of this word
"there no such thing as pre-pone"

* "Crib" means "to complain" 
Usage "I kept cribbing about the computing facilities in UBC"
In english, it has a very different meaning, just look up the dictionary.

* "pass-out" means "to finish a degree from university"
Usage "He is a pass-out of this institute" or "I passed out of this
college". In english, this means that you are drunk :).