If you are speaking of the End User License, then exploits are ways to make the game do something that no one else's copy of the game can do: do things like reduce global cool down on spells from 1 sec to 0.25 sec (allows for more damage), changing cool downs on specific spells (Obliterate for a Death Knight needs only 1 runic power, not an unholy and a frost rune), or you have more than 2 potions, 1 scroll, multiple buffs from the same character (say blessing of might, blessing of kings and blessing of wisdom all from one Paladin.) Things that are counter to the game being equal across all users (same game experience) are called exploits.
There are small ones - every so oftem a mob gets bugged and you can attack it and not get hit back (but it never dies either), most players use these to up their weapons skills (especially hand to hand.) Certain places you can die and walk to a land where you shouldn't be able to reach except for a bug in the software! Exploits are most often NOT something people make but a hole in the code that they find and .... exploit!
Exploits means brave or daring actions
The Exploits of the Emden was created in 1928.
The Exploits of Moominpappa was created in 1950.
Our Exploits At West Poley was created in 1893.
The Exploits of Chevalier Dupin was created in 1968.
The Exploits of Solar Pons was created in 1993.
The Exploits of Elaine was created on 1914-12-28.
On his naval exploits, he conquered the whole of Maldive Islands.
The Exploits of Chevalier Dupin has 138 pages.
The Exploits of Solar Pons has 239 pages.
Ned Kelly was a bushranger. His exploits were all criminal, such as murder and robbery.
The Gang Exploits a Miracle was created on 2006-07-27.