Does this mean that I bind off 3 sts at the beginning of one row, knit the rest in that row, then bind of 5 stitches for the beginning of the next two rows?
No, that's not what you do, and you don't do it like the videos, that's for another technique.
BO 3 sts, knit the rest of the row, turn and BO 3 sts at the beg of the next row and do the rest of the sts. Do that again - BO 3, knit the row, BO 3, work the row. Then BO 5 sts, finish the row, turn and BO 5 sts and finish. Then turn and BO all the rest of the sts and you're done.