An oracle is a black box that can solve a particular decision problem in O(1).
The notation means e.g. P^SAT = class of all problems that can be solved in P time with a machine that has an oracle for SAT.
It gets really ingesting because there are particular oracle machines for which P^X == NP^X.
See https://en.m.wikipedia.org/wiki/Oracle_machine for references to papers.
Also see https://en.m.wikipedia.org/wiki/Almost_surely if you don't know what with probability 1 is.
Off topic (but related to almost surely), one of my favourite theorems is Pólya's recurrence theorem which says that a simple random walk on Z^d (lattice) is recurrent for d=1,2 and transient otherwise, so if you get lost on a 1 or 2 dimensional grid, just execute a simple random walk and you'll get back to the origin almost surely! IIRC the probability of recurrence is about 34% in 3d.