Just take them step by step. It may help you to print them out with line breaks between the directions, like this -
Cast on 79 sts.
RS - slip 1,work Rib pattern to last 4sts,work even in Rev St st (beg with a purl row) to end.
Work even,slipping first st and purling the last st of every row, until piece measures 8" from beg,end with WS row.
RS-work 35 st change to waste yarn,k31,turn p31,turn,change to working yarn,work to end.
Work even till piece measures 42" from beg,end with WS row.
RS- establish second sleeve as for first.
Work even for 8",end with WS row.
Bind off all sts.
Sew cast-on and bound-off edges together.