It's what you see on your character screen in game.
Where it shows weapon damage under the ranged category, if you scoll over the number it will show the DPS. That DPS number is what we call tooltip DPS. it isn't actual DPS because it doesn't factor in crit chance, or special abilities.
Never heard or seen anyone mention tooltip crit though, but it would basically be your crit % shown in the same area.
Edit: typing is not my friend today.
Edited, Jan 8th 2008 1:46pm by SynnTastic