I know what you mean about the confusion of the disk thing-- it is to be knitted flat, because it never says "join", which is what you have to do in when knitting in the round, and it says to work on both right and wrong sides, again, you're right, something you don't do in the round. That's why I was saying it may look a bit weird until you are through and take it off the needles. I've never knit that pattern before, so I'm just assuming it will come out okay if you follow their directions
As for frogging-- it means ripping back what you've knitted: rip-it, rip-it, rip-it-- get it?
And "tinking" means just to take out a little bit-- it's "k-n-i-t-ing" backwards. Ah, we're such a witty bunch