Acronyms and acrostics are great tools to help kids remember information and study for tests. Most children that take piano lessons learn that FACE stands for notes on the scale (as does, Every, Good, Boy, Does, Fine). Many students learn the order of the planets, by coming up with a phrase to represent the first letter of each of the planets.
Some acronyms, over time, have become the word for which they describe. Our word, radar, once was an acronym for RAdio Detecting And Ranging.
One way to help students (or ourselves) remember definitions (or deeper meanings) of words they are learning is to try to use the word itself as an acronym for the definition that defines it. Town might be Tiny city, Own government, Widely populated, Named urban area.
For an example of this using the word faith, check out this post on my personal blog: http://delanasworld.wordpress.com/2011/10/03/all-about-faith/
Another great way to learn vocabulary is through LINCing pictures. Check this out to learn about this strategy: