KNITTING: Can you help me understand this?

You should be able to go to a good knitting website to find out what the abbreviations mean as they are standard. K2tog us knit 2 stitches together. P2tog is purl 2 together. Slip 1 is slip a stitch from the left to the right needle as if to knit but don't knit it. PSSO us p the slipped stitch over. It's just another way of decreasing stitches. I recommend jumping on a website called www.ravelry.com. But be warned. It's wonderful.