You are correct Breticus. LSD is a mechanical system in the differential (aka rear end) that prevents one rear wheel from turning at a significantly different rate from the other. This applies to both acceleration and braking, which is why an LSD is a significant performance upgrade.
ASC is a computer controlled system that relies on sensors to determine when the car is skidding to change the throttle response. It is more safety than performance oriented. Which is why you can turn it off
