k1, p1, k1 means put the needle kwise into stitch, pull through a loop, but don't drop off the left-needle stitch: then put the right needle purlwise through the same left-needle stitch and pull through a purl: then do a knit as before. It's very similar to the knit f,b,f: if you can do that, you should manage this one.
Um, a basic bobble? There are subjective definitions about what is the exact definition of a bobble, but it's basically any lumpy knobbly round blob on the fabric, and there are lots of different ways to make them. I screwed up this instruction once where I pulled through a knit loop, but instead of purling, I just wrapped the wool purlwise and pulled it through, which put the needle in a kwise position, where I just wrapped knitwise to make the third part of the stitch, and it worked out indistinguishable from the 'right' way to do it. Just practise the 'bobble', and decide whether you like it for this project, and whether it fits your idea of what a bobble is. If you don't like it, investigate one of the many other ways to make bobbles.