I like the concept, and color choices for the site. It REALLY needs more content though... even if it's fluff, it'll help a lot. With sites like yours that have a very friendly tone, and fun message -- content is key. The layout is clear, but I would suggest reversing the "onclick" for the buttons on the left so the selected one is highlghted red and the unselecteds remain orange.
I really do not like the layout it looks really old, and the colors are not that good if i were you i would at least change the colors and maybe it will look a lot better.
A non-attractive site.. Change the header text, looks annoying..Also, resize your body texts, they are too large and lastly your sidebar menu should have the same size.
Web Biscuit is just the name of the website, it is not a new technical term (yet). It means (to me) a little piece of the internet, but other people can hold their own interpretation.
There is not a lot on the website currently. It is an ongoing, organic project.
The site is good although you might wanna darken the background a little bit as it hurts my eyes (heads up i am extremely new in the web design dept.) but besides that it looks cool although. if your trying to keep people at the site instead of a quick hello id add something to do besides downloads >.> =P