A CoClass is a class you can cocreate or instantiate calling the constructor (new.) A class in ArcObjects lingo is a class that cannot be cocreated. An inbound interface is a regular interface where calls executes code inside the class. The call is made from outside the class to execute code inside the class (inbound.) An outbound interface is an event interface, where events are raised by the class and invoke the event listener code outside of the class (code inside the class triggers code outside the class, outbound).