For some reason, in the hardware design world, we use "IP" to mean "a self-contained functional block of hardware that we have developed". It probably derives from 'intellectual property' (i.e., 'we bought some IP from $VENDOR to handle HDMI', and then eventually 'we bought an IP from $VENDOR to handle HDMI').

A LUT is, more or less, the smallest logical element on an FPGA (a piece of programmable hardware) -- it's a Look-Up Table. They're not directly comparable from FPGA to FPGA, because some FPGAs have different sizes; in the early days, LUTs had 3 inputs and produced one output, but on modern FPGAs, 'LUT4's (4 input, 1 output) are the smallest that you'll reasonably get, and some FPGAs even use 'LUT6's (6 input, 1 output; sometimes divisible into 5 input, 2 output, or other subdivisions) as their basic logic element. But no matter how you slice it, 308 LUTs is impressively small, especially for 180MHz.