Wow, this thread as grown so much!
I'm sorry if things got a little confusing or if I stirred up a few arguments (
), just wanted a little clarification...
I know we all have the potential to become arahants but I wasn't sure if the Theravadins had a specific TERM for that, or if that was confined strictly to the Mahayana traditions. With that being said, I think that the Theravadins not having a term for this is actually beneficial to practice, in that it is one less thing to attach or cling to (as said by some posters above).
Thank you all so very much for your contributions.
To follow up, I have read through Bhikkhu Bodhi's "In the Buddha's Words" in its entirety and I feel like I have a much stronger grasp on the early teachings of the Buddha, and on Theravada in general. Every sutta, every page, made me feel very happy and in touch with the Tathagata. I have countless sticky notes on favorite suttas and stuff I would like to read again and again. What an invaluable piece of literature to have!