I know BHP stands for brake horsepower. And I Know the dyno uses a brake. So when you have 500 bhp does it mean the same thing as 500 rwhp?
Nope. 500 at the crank. You lose HP through the drivetrain. Dyno's measure rear wheel horse power (RWHP).
BHP stands for Barrel Horse Power (I think). Which means 500 HP at the crank. Then you lose some through the tranny and end up with your RWHP. BHP-Drive Train Loss=RWHP