I don't know for sure, but I'm guessing what's confusing you is the numbers in parentheses. That's common in patterns where they're giving you instructions for multiple sizes. So the line would translate (I think) as:
(Lemme copy this so I know what I'm looking at)
K 2(3, 4) inc, * K5(6, 7) inc * end with K3. 48 (56, 64) sts
Start with 2 knits stitches for the smallest size (or 3 for the medium or 4 for the large) then do one increase
Then repeat the following until you have three stitches left in this round:
K5 for the smallest size (or 6 for the medium or 7 for the largest) and do one increase
Then knit the last 3 stitches of the round.
The final set of numbers is the numebr of stitches you'll have (total) when you're finished: 48 (small), 56 (med), or 64 (lg).
So if you're doing the smallest size it would read
k2, in, k5, inc, k3
For the medium:
k3, inc, k6, inc, k3
And the large:
k4, inc, k7, inc, k3
But you might want to get one of the more experienced to check me on that... I get confused by this stuff too.