I need some lingo help

Got an invite from a friend: "we will start a 30+3$ tournament (the 3 is for the dealer), followed by a .50/1$ ring game w/ buyins of 15-150$. "

And I don't understand what a ring game is.

Mucho gracias!

A ring game is just a game that you play. No start or stop, unlike a tournament. Also you bet cash (or chips with cash equivelant) rather than betting tournament chips.

In a $.50 / $1 this is probably limit. You post $.25 and $.50 as the Small blind and big blind. Pre-flop you can only call, bet $.50 or raise $.50. After the turn you can call, bet $1 or raise $1. There is a limit to every bet. You can buy in with anything from $15 all the way to $150. You're choice.

Ring game is just a fancy term for cash game. Just a regular game with no blind increase.

Wow. A "friend" is charging to play in his home game? You need new friends. I can see chipping in for food and drinks, but collecting a fee to play is illegal in most states.