As for the definitions, I started but then realised it would take forever... sorry. Briefly, very briefly.
DHCP: Dynamic Host Configuration Protocol. Automatic IP address assignment to clients from a DHCP server eliminating the admin overhead/nightmare of assigning IP statically.
BOOTP: Another way of obtaining an IP address at boot-up.
VPN: Virtual Private Networking. Using shared/existing infrastructure (=internet in most cases) to create a "Virtual Private Network". In other words, despite using a public medium such as the internet, a virtual private network can be created between geographically disperse locations via encryption protocols such as IPSec.
inetd... no idea, noobie for Linux. I only know it has been replaced by xinetd???
And yes, it is possible to connect computers withoug a hub/switch/router.
I use this method, remembering that a router is essentially a dumb as pc, or a pc is a smart ass potential router.
Device A: Hub/Switch.
Device B: Router/PC
If you connect 2 like devices, you need a cross-over ethernet utp cable. If you connect 2 unlike devices, you need a straight-through cable.
So, for you case, to connect 2 pcs each with an ethernet card without a router/hub/switch you just need a cross-over ethernet cable... and correct IP assignment.
Hope I kind of helped?