Are you having trouble understanding the terms are the actually knitting of it? We have a glossary tab at the top of the page if it helps.
Looks like Chris gave you the answers, but lets see....
(sl 1 wyib, k 1, yo, psso the k st and yo st) twice .
Sl 1 wyib - The working yarn will be in back as if you're going to knit ...slip one stitch from left need to right as if to knit.
k1 - knit one stitch
yo - yarn over which means bring the yarn to the front between the needles
Psso - 'pass slipped stitch over' - it's asking you to pass the slipped stitch over the k1 and the yo. You do this by carefully sticking the left needle into the slipped stitch (3rd stitch from point) and lifting it over the two stitches and dropping it off the needle.