"Glitch" is the standard word in the world of video games, and as you might imagine it tends to refer to the dynamic aspects of the bug rather than the static, as this is what is immediate to the player. This is reflected in the fact that "glitch" is commonly used as a verb as well as a noun: "I was glitching the shit out of GTA last night, it was awesome." An encouraging sign for future hackers I'm sure you'll agree.

Many people, myself included had formative experiences with computers by abusing and exploiting video game glitches, as a kid it was like peeling back the edge of reality. I think you can see the connection here to the phrase "glitch in the matrix." It got to the point where I was pulling cartridges halfway out of their slot while the game was running in order to walk through walls. Halcyon days...

Here's the inevitable wiki: http://glitches.wikia.com