Scratch
A horse is a scratch when injury or other necessity causes it to be withdrawn from the race.
Rabbit
Also known as a pacemaker; this is a horse with no expected chance of winning but is used to prompt a quick pace on the front end of the race to the benefit of a stablemate who is a closer.
Bute
Shortened word for phenylbutazone, the common non-steroidal medication legal at most racetrack.