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Wiktionary
shellcode

n. (context computing English) A small piece of code, used as the payload of a virus or other malware, that launches a shell so that the attacker can control the compromised computer.

Wikipedia
Shellcode

In computer security, a shellcode is a small piece of code used as the payload in the exploitation of a software vulnerability. It is called "shellcode" because it typically starts a command shell from which the attacker can control the compromised machine, but any piece of code that performs a similar task can be called shellcode. Because the function of a payload is not limited to merely spawning a shell, some have suggested that the name shellcode is insufficient. However, attempts at replacing the term have not gained wide acceptance. Shellcode is commonly written in machine code.